Barclays has singled out its wealth management business, Barclays Wealth, for growth during this year and is one of the two areas where shareholders will see expansion, the banking group’s chief executive has said.

The [wealth] business has seen double-digit growth in revenues and profit before tax over the past two years, Bob Diamond told Bloomberg Television.

“Tom Kalaris who runs that business with us has a very specific five-year plan to move that business into the top tier and it should continue to see double-digit growth,” he was reported as saying.

Besides wealth management, Africa is another area earmarked for significant growth, he said.

Hires continue at
Barclays Wealth. The firm has made two UK-based hires hot on the heels of this morning’s announcement of a new head of wealth for Saudi Arabia in the shape of Faisal Shaker. It continued the expansion of its ultra high net worth team with the appointment of Rupert Howard as senior portfolio manager in the London office.

On the other hand, Barclays Wealth plans to cut nearly 100 jobs as a result of a review of the company’s activities, according to a spokesperson for the company. The job cuts will affect back and middle-office staff across several jurisdictions.