Barclays invests in IT for fast-growing wealth management division

Barclays is building up the technology to support its fast-growing wealth management division.

Barclays is building up the technology to support its fast-growing wealth management division.

According to the bank's results for the first half of 2011, it has continued to invest in the expansion of its wealth arm under the so-called Gamma plan to quadruple the size of the division within five years. This involves growth of banking staff and technology platforms.

Earlier this year, Barclays Wealth reported an increase in operating expenses for 2010, up by 19% to £1.35bn. This is due to the strategic investment plan, which is focused on investing in the facilities and technology required to improve service delivery, as well as hiring customer-facing staff.

Overall, Barclays' profits were down by a third during the first half of the year, to £2.6bn.

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