The investment bank, Barclays Capital, will still be run by Rich Ricci and Jerry del Missier, but they will now head the corporate and investment banking division of Barclays as co-chief executives.
In the same vein, Barclays Wealth is to lose ‘wealth’ from its name and will be known as the wealth and investment management division of Barclays.
A spokesperson for Barclays Wealth said: “We believe that we better serve our clients by bringing them the best of Barclays, from across the entire organisation. We can do that more easily, and more efficiently, by bringing our divisions together under one brand.”
A month ago, Barclays’ chief executive Bob Diamond alluded to cost cuts of up to £2bn being made across the group and this move is part of that strategy.
