Barclays 2011 Annual Report Download - page 28

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Divisional review
Barclays Wealth
In 2011, Barclays Wealth demonstrated its third
successive year of double digit income growth.
Now in its third year of the five year Gamma
Plan, Wealth is on track to position itself at the
top tier of the industry.
In 2011, the second year of our five year strategy, we delivered a
first rate performance and continued to meet all our financial and
franchise targets. We remain well on track against our 2014
commitments.
Unprecedented market turmoil and a challenging business environment
underpinned most of 2011. Under these conditions we benefited as a part
of Barclays, a global institution with a robust balance sheet, significant
product capability and a clear strategy. This provided us with a unique
opportunity to serve our clients more comprehensively than before;
positioned to bring the best of Barclays to them.
2011 also marked the second year of the five year “Gamma” program;
a complex, challenging and ambitious plan to transform Barclays Wealth
into a premier global wealth manager. We are well on track to deliver
against our promises - a step change improvement in client experience
and a significant increase in the productive capacity of the firm.
The execution of this strategy delivered differentiating performance.
Our financial results were strong with income growth of 12% to £1.7bn
and 27% growth in profit before tax to £207m. The productivity of our
relationship managers improved; with the top 25 generating 21% higher
revenue than last year. Our clients have begun to benefit from better
on-boarding processes; faster turn around of credit decisions; improved
reporting and a broader set of products.
2012 will undoubtedly be a challenging year as we deliver the third year
of our Gamma plan while still meeting ambitious financial targets. But we
are strongly positioned; we have proven the concept and shown that we
can deliver. I remain confident that we can meet our commitments to our
clients, thereby meeting our commitments to our shareholders.
We continue to transform Barclays Wealth
into a premier global wealth manager.
Thomas L. Kalaris
Chief Executive, Barclays Wealth
For more detailed information, please see Analysis of results
by business page 173
26 Barclays PLC Annual Report 2011 www.barclays.com/annualreport