Head of Barclays’ wealth unit exits after re-org

Peter Horrell is to leave his role as chief executive of Barclays’ wealth and investment management arm at the end of the year, following a structural overhaul of the division, FTAdviser sister publication FastFT reports.

Mr Horrell was made permanent chief executive of Barclays’ wealth arm only last September, having run the unit on an interim basis since April 2013 when his predecessor, Tom Kalaris, left the bank, reports the FT’s Madison Marriage.

The wealth business, long seen as significantly underweight given the size of Barclays’ retail banking presence in the UK, has since undergone a significant restructuring exercise after the UK bank announced it would withdraw from more than 100 wealth markets worldwide last September.

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Last month Barclays disclosed that the wealth and investment management unit would cease to exist as a standalone division after being rolled into Barclays’ personal and corporate banking arm alongside the bank’s UK and retail banking operations.

From a Barclays’ Ashok Vaswani, head of personal and corporate banking at Barclays: “Pete Horrell has decided to step down from his role and will be leaving Barclays at the end of the year.

“Pete has had an exceptional career at Barclays over the last 23 years, and most recently he has overseen the creation and implementation of W&IM’s strategy, securing investment in the business from Barclays and positioning W&IM for long-term and sustainable growth.”