Barclays backing out of 130 countries

By Staff | September 26, 2013 | Last updated on September 26, 2013
1 min read

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.

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