Barclays' head of wealth division resigns

Barclays' Chief Executive of the wealth management division, Peter Horrell, is stepping down from the bank later this year.His resignation comes as part of an overhaul of the UK lender's wealth operations.Horrell, who has been with the bank for 23 years, has been in the role since last September when Barclays unveiled plans to simplify and narrow its focus to cut costs and boost profits at the struggling unit.In May, Barclays announced that it would fold the division into its personal and corporate banking business, alongside UK and retail banking operations. Ashok Vaswani, head of personal and corporate banking at Barclays, said Horrell had positioned the wealth unit for "long-term and sustainable growth" after overseeing a new strategy.A search for Horrell's replacement is underway. RD