Barclays Bank
Barclays Bank

Barclays is to hire 100 staff for its private banking arm in a bid to to add more wealthy clients to its books.

According to Reuters, the hires will be a mix of relationship managers and administrative and risk management staff to provide back office support.

This marks a significant change in direction for Barclays’ Private Bank & Overseas Services, which is headed by Karen Frank, who took up the post last October.

At the end of 2013 the bank announced plans to cut around 100 private banker roles to reduce the complexity of the business under then wealth chief executive Peter Horrell, Citywire reported.

The cuts represented 35% its bankers, reducing the overall number to 180.

One of the triggers for the job cuts dated back to the start of century when Barclays inherited a number of clients with portfolios under £500,000 following its acquisition of Gerrard, a segment of the market Barclays did not actively target.

According to Reuters, the hires will be focused on its London, Dublin, Geneva, Monaco, India, Dubai, Jersey, Guernsey and Isle of Man hubs.

At the start of the year former Wealth Manager cover star Dena Brumpton took charge of Barclays Wealth and Investment Management in the UK.

Brumpton, who joined the business after a 30-year stint with Citi to head its private bank, replaced former wealth chief Akshaya Bhargava, who tendered his resignation at the end of last year around two years after replacing Horrell.

Related:  Mobile banking users to reach 2 billion by 2020

A spokesperson for Barclays said: ‘In line with Barclays International’s overall strategy we are positively investing in Private Bank & Overseas Services.’

Leave a Reply