WBrief: Bar Wealth '09 profits fall 78% - Spear's Magazine

WBrief: Bar Wealth ’09 profits fall 78%

The pre-tax profit at Barclays Wealth for the year ending 31 December slumped by 78 per cent to £145 million ($228 million) from a year ago, hit by the sale of a closed life business and the cost of integrating the old Lehman Brothers North American businesses last year, the UK firm said.

The pre-tax profit at Barclays Wealth for the year ending 31 December slumped by 78 per cent to £145 million ($228 million) from a year ago, hit by the sale of a closed life business and the cost of integrating the old Lehman Brothers North American businesses last year, the UK firm said.

If the impact of the transactions is removed, “there was solid growth in income due to growth in the client franchise and the product offering”, Barclays Wealth, part of the UK-listed banking group Barclays, said in a statement today. Adjusted income grew by 3 per cenbt driven principally by strong growth in the client franchise and product offering, the bank said.

Operating expenses at the wealth manager rose by 22 per cent year-on-year, which reflected the integration of the US business. Total client assets increased by 4 per cent to £151 billion, it said.

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