Barclays Wealth and Investment is co-locating with its corporate banking team to a new office in Newcastle.
It is a trend that some expect will gather speed as leases for Barclays Wealth & Investment Management offices come up for renewal and follows the bank's decision to fold its wealth division into its retail unit. Earlier in May Barclays said its wealth arm would cease to exist as a standalone business as part of a strategic overhaul aimed at improving profitability.
The wealth and investment team in Newcastle have relocated from Cross House, Westgate Road, and will work alongside their corporate banking colleagues.
'As a combined team, we will be well-placed to advise across a wide range of circumstances: from entrepreneurs looking to take the next step with their business or families seeking support on inheritance and succession planning, ' Andrew Miller, regional director for Barclays Wealth and Investment Management in Newcastle said.
'Newcastle is a fantastic place to do business and the move to the new offices is major investment for the city and the North East. It will offer an excellent environment for both our clients and our employees and enables us to bring our banking operations under one roof as well as demonstrating our ongoing commitment to the local economy and wealth creation in the region.' Brian Thorpe, head of Barclays Corporate Banking in the North East said.
The banks has revamped its wealth management proposition over the past six months under new chief Peter Horrell (pictured), who has scrapped dedicated private bankers for sub-£500,000 clients. As revealed by Wealth Manager in November of last year, clients will now be handled out of call centres in Glasgow, Birmingham and London and given an unregulated point of contact, overseen by a regulated private client manager. The overhaul followed a 35% reduction in private banker headcount and a regional management restructure.