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Barclays names ex-Citibank veteran as wealth chief

Barclays names ex-Citibank veteran as wealth chief

Barclays has named Akshaya Bhargava as chief executive of its Wealth and Investment Management business.

Bhargava (pictured) replaces Peter Horrell, who stepped down earlier this year after 23 years' service.  

He will join Barclays on 13 October 2014 from InfraHedge, the company he founded in 2010, which was acquired by State Street Corporation at the end of 2013.   

He has spent the bulk of his career at Citibank, leading teams in London, India and Czech Republic in 22 years with the investment bank.

Bhargava also had spells as CEO of Butterfield Fulcrum Group and founding CEO of Infosys BPO. 

Ashok Vaswani, chief executive of Barclays Personal and Corporate Banking, said: 'Akshaya brings with him deep management experience and a strong track record of business development and growth. 

'Appointing Akshaya, with his breadth of global financial services knowledge and experience in creating bespoke investment platforms, is a significant coup for the business.'  

He added: 'The wealth management industry is evolving and clients’ needs are changing.  A leader who can drive success through transformational times and harness new technologies to enhance the client experience will help to position Barclays at the forefront of this industry revolution.'

Barclays wealth business has undergone significant change over the last 12 months.

Horrell replaced Tom Kalaris in September 2013 and overhauled unit, with an estimated 40% reduction in UK headcount. He also introduced a new 'private clients' bracket for sub £500,000 clients, which was served by a call centre.

'Barclays Wealth and Investment Management is well placed to deliver a market leading set of global banking and investment solutions to high net worth clients,' Bhargava said on his appointment.  

'This is an exciting time to be joining Barclays and I feel privileged to be taking charge of the next chapter in the growth and evolution of the business.'

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