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  1. Wealth
February 17, 2010

WBrief: Barclays Wealth to double bankers

By Spear's

Barclays Wealth intends to increase its market share and number of private bankers with a £350 million ($547 million) investment spending programme, the firm, which reported 2009 results earlier today, said.

Barclays Wealth intends to increase its market share and number of private bankers with a £350 million ($547 million) investment spending programme, the firm, which reported 2009 results earlier today, said.

“We will see our number of private bankers double over five years,” Tom Kalaris, chief executive of Barclays Wealth, told this publication in a telephone interview.

At present, Barclays Wealth employs a total of 7,400 people, down from 7,900 at the end of 2008. While total headcount is not likely to expand significantly, there will be a substantial rise in the banker share of the total, Mr Kalaris said.

“The [Barclays] board has made a commitment of £350 million in addition to year-on-year investment. That £350 million is about two-thirds into what we are calling the overall platform of the client experience,  and we are building additional product capability,” he said.  “The other one third will be on recruiting high net worth bankers.”

To read the full story, visit wealthbriefing.com

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