Barclays Wealth reported 13% income growth and
a 25% rise in pre-tax profit to £153m ($245m) in the nine months to
30 September when compared to the same period a year ago.
Pre-tax profit made a massive jump in the
third quarter, increasing £65m from its 30 June total of £88m.
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It means that Barclays is likely to
significantly beat its 2010 pre-tax profit total of £163m.
Operating expenses up 12%
Operating expenses increased 12% due to an
increase in investment spend and related restructuring costs as
well as staff and infrastructure costs from growth in the high net
worth businesses
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By GlobalDataBarclays’ investment programme, Project Gamma,
aimed at growing its wealth segment is a significant contributor to
increased costs.
In April the bank said it would invest £100m
this year in the Gamma project.
Project Gamma is Barclays’s £350m investment
in its technology, people and platforms which is aimed at making
it one of the world’s top three wealth managers in the
next four to five years.
