eFinancialCareers

Barclays Wealth is said to be struggling to retain its private client managers. What are their other options?

Mark Kibblewhite, managing director of Barclays Wealth in Edinburgh, was last week locked in crisis talks with a team of “disgruntled private client managers”, according to reports in The Herald. The problems at Barclays Wealth seem to stem from the fact that its staff feel they are being pushed into cross-selling by the bank.

A no-doubt flustered spokesperson was keen to point out that “nobody’s resignation has been accepted.”

However, Barclays’ mutinous wealth managers are negotiating from a position of strength – recruiters say they’d have plenty of other opportunities if they chose to jump ship.

Richard Fletcher, managing director of headhunters Fletcher Jones, says: “It’s a buoyant market and there’s a lot of competition for talent. The wealth pie is only so big in Scotland, so if you can bring a good client book when you transfer you’d be very desirable.”

Standard Life became the latest big firm to bolster its private banking team in Scotland in January, but all the major players like HSBC, Royal Bank of Scotland and Bank of Scotland have a wealth management division.

Sarah Hawkins, senior finance consultant at Hays in Edinburgh, adds: “Demand is outstripping supply. This means candidates are in a position to move around.”

But don’t expect to be scooped up just because you have private banking experience on your CV. Joanna Black, partner at Scottish financial headhunters Black Appointments, says: “Scottish firms are becoming more selective. If you’re a top performer and you have a client book, you’re in a good position, but if you’re mediocre the chances are you could be hanging around on the market for some time.”