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LONDON, June 19 (Reuters) - The head of Barclays' wealth and investment management business, Peter Horrell, isleaving the bank later this year as part of an overhaul of theBritish bank's wealth operation.
Horrell was appointed chief executive of Barclays' wealtharm last September after running the business on a temporarybasis following the departure of Tom Kalaris in April 2013.
Barclays said on Thursday Horrell had chosen to step downand would leave at the end of the year after 23 years at thebank.
Barclays has struggled for several years to build its wealthbusiness to the size and profitability it wants and lastSeptember unveiled plans to simplify and narrow its focus in amove to cut costs and improve profitability.
That included stopping offering wealth management servicesin about 130 countries by 2016.
Barclays said last month it would fold the wealth andinvestment management unit into the bank's personal andcorporate banking business, alongside UK and retail bankingoperations.
Ashok Vaswani, head of personal and corporate banking atBarclays, said Horrell had overseen the creation andimplementation of a new strategy and positioned it for"long-term and sustainable growth."
He said a search for his replacement was underway andHorrell would continue to lead the wealth business until asuccessor is appointed. (Reporting by Steve Slater; Editing by David Holmes)
