BCS Plans Hiring to Boost Private Banking & Wealth Management Unit

Zacks12-11

Barclays PLC BCS intends to accelerate growth in its Private Banking and Wealth Management segment by increasing its headcount and hiring up to 100 advisers. This was stated by Sasha Wiggins, CEO of ...

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This was stated by Sasha Wiggins, CEO of ...</p>\n\n<a href=\"https://finance.yahoo.com/news/bcs-plans-hiring-boost-private-154800956.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2125154935.USD","symbol_name":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","start_time":0,"source_url":"https://finance.yahoo.com/news/bcs-plans-hiring-boost-private-154800956.html","article_id":"2490889849","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/0B3b99UrWg5HeBq_pd7Ejg--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/5bbea15fd152c1fe1e99800e27e2dcfa"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2490889849","pubTimestamp":1733932080,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Barclays PLC BCS intends to accelerate growth in its Private Banking and Wealth Management segment by increasing its headcount and hiring up to 100 advisers. 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This was stated by Sasha Wiggins, CEO of Barclays Private Bank and Wealth Management, in a presentation to analysts in London.\nRationale Behind Barclays’ Move\nBarclays has identified roughly 4 million Barclays UK customers with investable assets worth £250,000 to £3 million who can avail enhanced wealth management services.“The UK is a large market with client investable assets totaling some £3.5 trillion ($4.45 trillion), split across digital investing, affluent and private banking segments,” Wiggins stated.\"It's a significant opportunity, both for the individual but also for the economy,\" she added alongside unveiling the plans to raise headcount and enhance training of existing personnel.In sync with this, Wiggins noted that the bank will also raise its annual technology spend in the business by more than 75% from 2021-22 levels. Further, she excluded any buyouts to boost growth and emphasized organic growth.BCS aims to grow its wealth management capabilities to offset declining revenues from lending as interest rates come down. Other global banks such as HSBC Holdings PLC HSBC have also taken this route. This September, The Guardian reported that HSBC aims to strengthen the U.K. arm of its wealth and private banking operations by recruiting more relationship managers. Alongside the UK, Barclays aims to expand its market share in Singapore, India and the Middle East. Last month, the bank announced the establishment of a new Private Banking booking center in Singapore. Further, this October, C.S. Venkatakrishnan, the company’s CEO stated in an interview with Bloomberg that the bank is considering returning to Saudi Arabia as it aims to capitalize on the kingdom’s rising need to access capital markets globally.Wiggins dismissed a push into the United States because of intense competition and higher costs of entry.\nBCS Zacks Rank & Price Performance\nOver the past six months, shares of Barclays have gained 23.5% against the industry’s decline of 6.5%.\nImage Source: Zacks Investment Research\nCurrently, BCS carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.\nBusiness Expansion Initiatives by Other Banks\nLast week, Fifth Third Bancorp FITB announced a significant expansion plan to open more than 200 retail branches in the next four years, with a focus on fast-growing Southeast markets. With this expansion strategy, FITB intends to enhance its customer experience through a combination of digital and physical infrastructure, fostering deeper banking relationships and driving sustainable growth.Similarly, last month, Citigroup, Inc. C made a minority investment in Pylon — a mortgage infrastructure provider. Financial terms of the investment were kept under wraps.C’s investment in Pylon will help automate mortgage origination and provide interim funding to consumers until the loans reach the capital markets. This technology platform helps to reduce origination expenses.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\n$Citigroup Inc(C-N)$. (C) : Free Stock Analysis Report\nFifth Third Bancorp (FITB) : Free Stock Analysis Report\nBarclays PLC (BCS) : Free Stock Analysis Report\nHSBC Holdings plc (HSBC) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2490889849"}