Exclusive: Barclays to hire 100 staff in private banking push

Mon May 22, 2017 2:07am EDT
 
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By Lawrence White

LONDON (Reuters) - Barclays will hire 100 new staff in its private bank as it launches its second attempt in the last seven years to win more business from wealthy clients, a source with direct knowledge of the plans told Reuters.

The hires will be a mixture of relationship managers - the money-earners in private banking who attract and serve customers - and the administrative and risk management staff necessary to support them, the source said.

The push marks a change in direction for the British lender after a previous failed expansion ended in 2014 with Barclays folding its wealth management business back into its retail bank as it missed ambitious growth targets.

Barclays will now seek to bolster staff in its private banking hubs of London, Dublin, Geneva, Monaco, India, Dubai, Jersey, Guernsey and the Isle of Man, the source said.

"In line with Barclays International's overall strategy we are positively investing in Private Bank & Overseas Services," a spokesman for Barclays said.

Banks worldwide are pushing into private wealth management, lured by the booming numbers of millionaires in fast-growing economies such as India and China.

However, many have struggled in a business facing tighter regulation and where customers are reluctant to move banks.

Even UBS, the world's largest wealth manager, has posted broadly flat revenues for the past five years despite its assets under management rising by around 30 percent.   Continued...

 
FILE PHOTO: The Barclays logo is seen outside a branch of the bank in London, Britain, October 30, 2014.  REUTERS/Toby Melville/File Photo