Barclays is considering selling its Americas wealth management business, the brokerage unit of the old Lehman Brothers, FOX Business Network (FBN) has reported.
The move comes amid tougher new regulatory standards and pressure faced by the London-based bank, alike other big foreign owned banks, to downsize their business and cut costs.
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Barclays’ Americas spokeswoman told FBN: "We are always evaluating strategic options for our businesses. If any firm decisions are made, we will provide an update in the second quarter."
According to the news network, Barclays will not put its larger wealth management division that operates globally on the selling block.
Barclays purchased Lehman Brothers’ North American operations for a sum of $1.75bn in September 2008 following Lehman’s financial-crisis related bankruptcy filing.
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