Pre-tax profit at Barclay’s wealth investment management division slumped 43% to £60m ($92.7) in the past three months, despite a 20% increase year-on-year.
The weak quarterly results come a week after incumbent head of wealth Tom Kalaris announced his retirement as part of the bank’s approach to ‘de-layer’ the organisation.
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The division’s overall income increased by 4% to £469m since the same time last year, driven by their high net worth businesses.
Client assets increased by almost £15bn to more than £200bn, marking a rise of almost £50bn from the end 2009.
Returns on average equity also rose to 7.9% from 7% last year.
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