Barclays backing out of 130 countries

Barclays Wealth will be pulling its wealth management services out of about 130 countries by 2016, reports Reuters.

Though the company aims to rein in costs, a spokesperson for Barclays says few of its 8,000 wealth management staff will be cut.

It also plans to “stop full-service wealth management for thousands of customers with between 100,000 and 500,000 pounds to invest. They will be served by a ‘lighter touch’ new segment called Private Clients.”

If those clients become unhappy with the change, there may be a raft of prospects for the taking.

Read more here.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.