Barclays to grow wealth management business

Barclays has earmarked its wealth management business for growth during 2012, according to chief executive Bob Diamond.

In an interview with Bloomburg Television, Diamond says wealth management is one of the two areas where shareholders should see growth, alongside Africa.

Diamond says the business has seen double-digit growth in revenues and profit before tax over the past two years.

He says: “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.”

The Barclays chief says he also believes that ring-fencing of UK retail banks will lead to “Balkanisation”.

“That ring-fencing of the retail banking operations will increase the costs of retail and business banking in the UK,” he says.

“We have also been clear that the decision is made, we are moving on, we are beginning to implement, and we will make the best of the situation.”