Barclays deposits held back by wealth business

Barclays overall customer deposits have been held back by reductions in wealth and investment management deposits, the bank said in its half-year report.

Barclays deposits held back by wealth business
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Total customer deposits increased in its personal and corporate banking division grew £2.4bn to £298.3bn.

However all the upside was in corporate and personal deposits and was partially offset by net reductions in wealth and investment management deposits particularly in institutional cash, the bank said.

Barclays’ wealth business has been hit by a number of senior staff departures recently following its announcement last year it was pulling out of a number of markets.

Recent examples include head of alternatives Sarah Newman, head of private equity Helen Posner, and the man who was running the Switzerland business Laurent Perusset.

The overall numbers for Barclays were in the red with adjusted profits down 7% to £3.349bn and income decreased by 12% to £13.332bn. The bank said this was largely driven by currency movements and falling profitability of its investment bank.

The bank has also had to set aside £900m to cover an expected continued flood of PPI claims.

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