Barclays Private Bank has confirmed the departure of Gérald Mathieu, CEO of its Monaco operations and former Head of Private Bank Europe and Middle East, following a strategic overhaul of its European business model.
The move comes as part of a broader restructuring effort at Barclays Private Bank International, which has led to the elimination of several regional leadership roles, including Mathieu’s. The bank said it is shifting to what it describes as a “market-led approach”, aimed at simplifying local structures and centralising client service operations.
Key leadership role cut
Gérald Mathieu’s position as Head of Private Bank Europe was removed entirely in the shake-up. His responsibilities as CEO of Barclays Monaco have now been handed on an interim basis to Olivier Franceschelli, who will report directly to Annabelle Bryde, Head of Private Bank International.
A Barclays spokesperson confirmed the decision, saying: “In Europe, this includes changes to senior leadership. The role of Head of Private Bank Europe has been removed, and as a result, Gérald Mathieu has decided to leave Barclays.”
Bank consolidates regional structure
The reorganisation is intended to reduce overlap between jurisdictions and streamline management across Barclays’ international wealth business. “The approach puts the client at the centre and organises global resources across locations to best meet their needs, irrespective of jurisdiction and booking centre,” the bank said in a statement.
Barclays has said the new model is designed to better coordinate client coverage, prospect management, and strategy, though it also reflects the bank’s decision to consolidate regional power under fewer executives.
Mathieu’s exit follows previous role shifts
Mathieu joined Barclays in 2010 and held a number of senior posts, including CEO of Barclays Switzerland, before moving into his Monaco-based leadership roles. That position in Switzerland has been held by Rahim Daya since 2021.
While Barclays did not provide further detail on Mathieu’s future plans, the bank made clear that his departure was linked directly to the internal restructuring, rather than a broader executive turnover.
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