‘Barclays plans 100 new hires’

LONDON: Barclays will hire 100 new employees in its private bank as it launches its second attempt in the last seven years to win more business from wealthy clients, said a source.

The hires would be a mixture of relationship managers and the administrative and risk management staff necessary to support them, said the source.

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

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

Barclays’ strategy would be different from its last attempt, said the source, and focus on increasing profits rather than assets by improving the products and cooperation with Barclays investment bank.

The hires will be in Barclays Private Bank & Overseas Services, the arm of the lender’s wealth division that sits inside the Barclays International unit run by Australian Tim Throsby. Reuters