Barclays has declined comment on the matter.

The news service said the UK-listed bank wants to restructure the wealth-management division and will announce its plans later this month.

There have also been press reports, about which the bank hasn’t commented when asked by this publication, that it is considering selling its Asian wealth management arm.

Grosoli has run wealth management in Europe since January last year, reporting to Akshaya Bhargava, head of wealth and investment management.

Prior leaving, Von Daeniken had run Barclays’s Asia-Pacific, Middle East and Africa wealth management since 2007.