Barclays to create 100 new jobs for private banking expansion

Barclays is to create 100 new jobs as part of the bank’s plan to expand its private banking business and attract wealthy clients.

The new roles come three years after Barclays ended its first expansion plan, which was launched in 2010.

Expand

For its latest expansion plan, Barclays will be focusing on improving its profits rather than its assets. The bank’s previous plan saw it aiming to boost its annual profits from £600 million to £700 million and double its assets under management to £300 million. However, the bank aborted the expansion plan in 2014 after failing to reach its targets.

As part of its new plan, Barclays is now looking to expand its private banking hubs in London, the Isle of Man, Dublin, Jersey, India, Dubai and Geneva, with the new job roles set to include relationship managers and risk management specialists.

The new recruits will be working in Barclays Private Bank & Overseas Services division, which is within the bank’s wealth division.

Strategy

Commenting on the move, a Barclays spokesman for said: “In line with Barclays International's overall strategy we are positively investing in Private Bank & Overseas Services.”

News of the new job roles comes after Barclays Chief Executive Jes Staley revealed last month that the bank is planning to boost its headcount in the UK and will be recruiting around 2,000 people over the next three years as part of the company’s plans to expand its technology capabilities.