Barclays's Grosoli Said to Take Larger Role Amid Wealth Overhaulby
Bank said to announce unit's restructuring plans this month
Didier Von Daeniken left Barclays to join Standard Chartered
Barclays Plc’s head of European wealth management, Francesco Grosoli, will take over some responsibilities of Didier Von Daeniken, who previously ran the business in Asia-Pacific, Middle East and Africa, a person with knowledge of the matter said.
Barclays is also seeking to restructure the wealth-management division and will announce its plans later this month, said the person, who asked not to be identified because the decisions haven’t been announced publicly. A spokeswoman for Barclays in London declined to comment.
Barclays Chief Executive Officer Jes Staley, 59, and Chairman John McFarlane, 68, have pledged to refocus Britain’s second-largest lender on its best-performing businesses in the U.S. and U.K. to restore profit growth. The bank has sounded out potential buyers for its Asian wealth-management business, but has not decided whether it will sell, a person familiar with the matter said Nov. 6.
Grosoli has run wealth management in Europe since January last year, reporting to Akshaya Bhargava, head of wealth and investment management.
The bank’s global wealth management revenue fell 17 percent to 227 million pounds ($331 million) in the third quarter from a year earlier. The unit has posted declining revenue for the past four quarters, contributing just 4 percent of the bank’s 5.6 billion pounds in revenue in the three months through September.
Von Daeniken left Barclays to become Standard Chartered Plc’s global head of private banking and wealth management last month, and will direct the U.K. lender’s planned expansion of the business. He had run Barclays’s Asia-Pacific, Middle East and Africa wealth management since 2007.
Barclays shares have dropped about 11 percent over the past year.