Private banking: Barclays seeks out mega-rich
Tom Kalaris has built Barclays Wealth into a global franchise by serving super-affluent and high-net-worth individuals. Now he’s aiming at the seriously wealthy. Peter Lee reports.
"This is exactly the kind of environment which, if you’re in building mode, can be highly advantageous"
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.