Barclays Recruiting 800 For Wealth Management Segment
January 2, 2008
Barclays Wealth, the wealth management division of Barclays, plans to hire an additional 800 personnel across its global outposts. The hires are separate from the 1,700 new employees Barclays has snapped up firm-wide since the beginning of 2006.
A Barclays Wealth spokesman tells IDD the business expects to complete the recruitment drive by June.
He says Barclays Wealth is "actively growing" its presence in Portugal, Spain, Monaco and Switzerland, as well as the Middle East, Africa and the Pan-Asian market. "In addition, we are building a new organic entry into the onshore banking market in India," says the spokesman.
However, none of the new recruits will be based in the Americas, he adds. Unlike Barclays' investment banking segment, Barclays Capital -- which does business in the Western Hemisphere from a base in New York -- the Barclays Wealth subsidiary's only representation in the Americas is in the Cayman Islands. The Caribbean office is not currently expanding, the spokesman says.
Barclays Wealth offers private banking, investment management, brokerage and fiduciary services to high-net-worth and intermediary clients in the UK and other nations.
On Dec. 19, the State Bank of Pakistan, the Pakistani central bank, announced it granted a banking license to Barclays, which will become the seventh foreign bank to operate in the country. The firm will initially open 10 branches in various cities and have $100 million of capital at its disposal.
Barclays Wealth, though, is not involved in its parent company's Pakistani venture, says the spokesman.
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