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.