Barclays European Wealth Chief Emmanuel Fievet Quits BankGiles Broom
Barclays Plc, Britain’s second-biggest bank by assets, said Emmanuel Fievet, head of wealth management for the U.K. and Europe, has left the company and will be replaced by Henry Fischel-Bock.
Fievet decided to leave after five years in senior management roles, according to an internal company memo seen by Bloomberg News and confirmed by the company. Fischel-Bock has spent 30 years in the wealth management industry and joined Barclays in 2010 from International Planning Group, a client-advisory firm in Miami.
David Semaya will retire after leading the private-banking business in the U.K. and Ireland, according to the memo.
Fievet’s exit follows Stefanie Drews’s departure from the helm of Barclays’s ultra-wealthy clients and family offices unit in London, which the lender reported yesterday. Patrick Ramsey, head of the bank’s Swiss unit, quit in July. Barclays, with $201.4 billion of client assets, ranked 15th globally in a benchmark of wealth managers published in July by Scorpio Partnership, a London-based research company.
Barclays Chief Executive Officer Antony Jenkins, who took over in August 2012, pledged in February to reduce expenses and eliminate 3,700 jobs across the bank’s different businesses.
The cost-to-income ratio at Barclays’s wealth and investment-management unit was 91 percent in the first half, compared with 87 percent a year earlier, according to a July investor presentation.
An ultra-wealthy client is defined as a customer with at least 50 million pounds ($80 million) to invest.