Barclays Said to Plot 100 Private-Banking Hires in Global Push

  • Move comes after hire of ex-Goldman Sachs banker Karen Frank
  • Expansion follows reductions at wealth unit in recent years

Barclays Plc plans to recruit 100 staff for its private bank as Chief Executive Officer Jes Staley pushes to expand wealth management in key global hubs, according to a person familiar with the strategy.

The bank is searching for relationship managers and administrative staff for the division serving its wealthiest clients, said the person, who asked not to be identified because the plans are private. The hires, first reported by Reuters, follow a decision to add 50 to 100 staff at the investment bank under Barclays International CEO Tim Throsby, the person added.

Staley recruited former Goldman Sachs Group Inc. banker Karen Frank in September to run the international private-banking business. Barclays had cut down the division following the departure of Tom Kalaris, a key lieutenant of ex-CEO Bob Diamond, and sold its wealth business in Asia.

“In line with Barclays International’s overall strategy, we are positively investing in private bank and overseas services under Karen’s leadership to deliver future growth,” a spokeswoman for Barclays said.

Banks including Credit Suisse Group AG and Standard Chartered Plc in Asia are pushing to expand services for wealthy clients. Barclays will seek to bolster staff at hubs in London, Dublin, Geneva, Monaco, India, Dubai, Jersey, Guernsey and the Isle of Man, Reuters reported earlier on Monday.

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