- Ashok Vaswani, head of Barclays U.K., briefs staff internally
- Vaswani, Staley to run the bank's two new divisions for now
Barclays Plc is restructuring its management as part of a wider overhaul announced under Chief Executive Officer Jes Staley to comply with new U.K. rules and bolster profitability.
Barclays said on Tuesday it will create two core divisions -- Barclays U.K. and Barclays Corporate and International. Ashok Vaswani, who was chief executive for personal and corporate banking under the old structure, will run Barclays U.K., while Staley will be in charge of the other key unit until a permanent leader is named.
Vaswani said in a memo to staff seen by Bloomberg that Akshaya Bhargava will remain in charge of wealth management businesses forming parts of both new core divisions and report to him. Bhargava will take on additional responsibilities for offshore clients and small businesses with a turnover of less than 6.5 million pounds ($9 million), he said.
The contents of the memo were confirmed by a spokesman at Barclays in London.
The following shows the new management structure, according to the memo:
- Dena Brumpton, head of wealth U.K.
- Francesco Grosoli, head of wealth in Europe, the Middle East and Africa
- Satya Bansal, head of wealth India
- Vivian Chan Lo, head of wealth Kong Kong; part of the non-core division
- Andrew Dailby-Faulkes, head of wealth Singapore; part of the non-core division
- Shaun Phillips, head of offshore islands
- Ian Rand, head of business banking, comprising of companies with an annual turnover of less than 6.5 million pounds
- Solomon Soquar, head of global investments and solutions
Vaswani also said in the memo that:
- Barclaycard’s U.K. consumer card business will move to Barclays U.K. The new U.K. cards head will report to Vaswani and to Amer Sajed, CEO of Barclaycard, according to the memo. A candidate for the role is currently going through a formal approvals process and may join the bank later this month, Vaswani said.
- Barclays plans to exit its Asia wealth business, with the businesses in Singapore and Hong Kong joining the non-core division. DBS Group Holdings Ltd and Overseas-Chinese Banking Corp. submitted non-binding bids for the wealth unit, people with knowledge of the matter said last month.