Barclays is planning to stop offering full scale wealth management services for thousands of customers with between £100,000 and £500,000 to invest.
As a result, the bank is moving clients with portfolios under £500,000 to a new dedicated proposition within the wealth & investment business called Private Clients.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
As the bank overhauls the way its serves sub-£500,000 clients, it is expected that the British bank will also make job cuts to in its private banking globally.
Speaking to PBI Barclays Wealth and Investment Management’s CEO Peter Horrell said that this was not a ‘reduction in focus’ on the affluent sector and that they were ‘just making sure that we have a really clear segment strategy.’
The new offering is expected to be a primarily digital offering which combines the elements of the retail bank with some of the Barclays Stock Brokers divisions abilities.
Barclays said to PBI that the new focus for the bank with be the ultra high net worth (UHNW) and family office business which has been key to their expansion in recent years.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataBarclays’ move comes as Credit Suisse have also been rumoured to be closing offices around the world and putting more focus on the more profitable UHNW market.
The move follows’ the bank’s recently announced decision to exit 130 wealth markets by 2016 to boost the unit’s profitability.
However, Barclays is reportedly planning to increase headcount in Glasgow to boost its wealth and investment management services in the region.
