People Moves

Barclays Appoints International Wealth Head

Amisha Mehta Deputy Editor London 27 September 2016

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The British bank has handed the role to one of its European executives.

Barclays has appointed Karen Frank to lead its international wealth business. 

Frank joined Barclays in 2012 as a managing director in the financial sponsors group and is currently co-head of FSG in Europe, the Middle East and Africa, a role which will now be held solely by Ken McGrath. Frank is a member of the banking EMEA operating committee. Before Barclays, she spent four years as a managing director, investment banking at Goldman Sachs International, according to her LinkedIn profile.

Based in London, Frank will also join the Barclays Corporate & International executive committee.

“Karen will be working closely with the International Wealth team over the coming weeks to develop a growth-led strategy to take advantage of this area of significant opportunity,” the bank said in a statement.

The appointment follows Barclays’ restructure in March into two separate core businesses, Barclays UK and Barclays Corporate & International, which includes the international wealth arm.

Barclays saw its pre-tax profit fall 21 per cent year-on-year to £2.06 billion ($2.7 billion) in the first half of 2016 as it continued to sell off its “non-core” businesses. However, pre-tax profit from the bank’s core businesses, which include Barclays UK and Barclays Corporate & International, increased 19 per cent year-on-year to £3.97 billion.

Earlier this month, the bank revealed plans to reorganise its UK discretionary portfolio management team in a move that is expected to see “small” job losses.

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