Saturday, 21st November 2009

 

17 June 2009 - Press Briefing

Barclays Wealth eyes swift acquisitions for global expansion

Barclays Wealth is weighing swift acquisitions as it seeks to raise its global market share following last year’s acquisition of Lehman Brothers’ North American private investment management operations, according to a report in the Financial Times.

Tom Kalaris, chief executive of the UK wealth manager, said that the next takeovers were not expected to be on the same scale as the Lehman purchase. He signalled the firm’s expansion plans in Asia, saying it was in “regular talks” with Sumitomo Mitsui Banking Corp over plans to build a wealth management tie-up in Japan, as per the FT report.

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Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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