This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.
X
MM+Cover+small+181214
Categories:Investments

Diamond says Barclays will boost wealth management

  • Print
  • Comment

Barclays chief executive Bob Diamond says the bank plans to grow its wealth management business during 2012.

In an interview with Bloomberg Television last week, Diamond said wealth management is one of the two areas where shareholders should see growth, alongside Africa.

He said the business has seen double-digit growth in revenues and profits over the past two years.

He said: “Tom Kalaris, who runs that business with us, has a very specific five-year plan to move that business into the top tier and it should continue to see double-digit growth.”

Diamond said ringfencing of UK retail banks will lead to “Balkanisation”.

He said: “That ringfencing of the retail banking operations will increase the costs of retail and business banking in the UK.”

Bloomsbury Financial Planning partner Jason Butler says: “Banks see wealth management as a route to peddling high- margin products.”

  • Print
  • Comment

Daily Email Updates
If you enjoyed this article, sign up to receive the latest news and analysis from Money Marketing.

The Money Marketing CPD Centre
Build your annual CPD - you can log and plan your CPD hours for free with The Money Marketing CPD Centre.

Money Marketing Awards 2015
Put your firm forward as the leading practitioner in your field. Adviser and Advertising categories are open to entries - Enter Now.

Have your sayEdit my profile/screen name

You must sign in to make a comment

AXA Wealth


Fund Data

Editor's Pick



Poll

Will providers be forced to pay out compensation over annuity misselling?

Job of the week

Latest jobs

View all jobs

Most recent comments

View more comments