Reporting Line Change at Barclays Adds to Speculation

News that Barclays Wealth has witnessed another senior departure this week in its Asian operations has added to the assumption that the British bank could be about to jettison its Asian wealth business.   

With the departure this week of Srinivas Siripurapu who was the head of South and Southeast Asia coming just weeks after former head Didier von Daeniken departed for Standard Chartered observers are querying who will be the next senior banker to leave.

Information that the Barclays Wealth units in Hong Kong, India and Singapore are to report directly to chief executive of wealth and investment management, Akshaya Bhargava, who sits in London will also be putting a strain on the relationship with the Asian teams.

Potential Buyers

Several names have been associated with a potential interest in the UK lenders Asian units such as Singaporean banks DBS and Bank of Singapore along with other acquisitive banks such as Julius Baer.

With Tidjane Thiam also keen to boost his Asian assets quickly Credit Suisse have also been mentioned as possible suitors.         

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