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| "This is exactly the kind of environment which, if you’re in building mode, can be highly advantageous"
Tom Kalaris |
BARCLAYS WEALTH IS one of the success stories of the past three years. Assembled from a ragbag of financial advisers and stockbrokers previously scattered across several divisions of the old Barclays, the private banking business has grown rapidly as the high-achieving little sister to Barclays Capital and Barclays Global Investors (BGI) inside the bank’s investment banking and investment management division.
The predecessor businesses produced just £94 million of profit in 2004. That rose to £307 million for 2007, even as the bank invested heavily in new hires (doubling client-facing staff from 690 at the end of 2005 to 1,380 by mid-2008), new technology and infrastructure and international expansion.
