Exodus at Barclays unit continues

The unit is said to resemble something of a revolving door,

The Financial Times reports that barely a month passes without news of another senior departure from Barclays Wealth.

The unit, which manages £200bn of assets, resembles something of a revolving door, but the bank denies the high turnover of staff is indicative of retention issues.

But the rising number of high-profile departures, which follows a strategic overhaul of the wealth business, has led some market participants to question Barclays’ commitment to wealth management.

Christopher Wheeler, an analyst at Mediobanca, says: 'Actions speak louder than words, and clearly (Barclays Wealth employees) are not convinced that they are seeing a business that is still core to Barclays’ operations'.

Last week it emerged that Henry Fischel-Bock, head of European and UK wealth management at Barclays, is to leave the bank after 10 months in the role. He had replaced Emmanuel Fievet, who was recently named the new chief executive of Banque Privée Edmond de Rothschild, in September.

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Barclays Wealth exodus of high-profile staff continues

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