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Barclays Wealth Said to Plan to Exit Nations on Cost Cut

Barclays Plc plans to cut its wealth-management services in more than 100 nations as it seeks to improve profitability, according to a person with knowledge of the matter.

Barclays Wealth & Investment Management will cut the number of countries in which it operates to 70 from as many as 200, said the person, who asked not to be identified as the matter is private. The unit will stop seeking new business in the countries, where it typically doesn’t have staff or branches, and eventually end its client relationships, the person said.