Barclays Plc appointed James Buchanan-Michaelson head of its Swiss private bank as the British lender seeks to draw wealthy clients in the region.
Buchanan-Michaelson was previously head of wealth international at Royal Bank of Scotland Group Plc’s Coutts in Geneva and will report to Francesco Grosoli, who runs wealth management in Europe, according to an e-mailed statement.
Barclays is maintaining a presence in the Swiss private banking market while its U.K. peers Lloyds Banking Group Plc and Standard Chartered Plc have exited. HSBC Holdings Plc sold a portion of its Geneva client assets last year and RBS last week agreed to sell Coutts International to Union Bancaire Privee.
“This is a senior hire which further demonstrates our commitment to the wealth management business in Europe,” said Grosoli. “James brings significant experience which will prove to be invaluable as we continue to develop Switzerland as a strategic location to support our wealth management clients.”