Apr 2, 2018

Barclays creates post-crisis milestone with ‘ringfenced’ bank

Barclays will this week become the first British banking group to formally launch its "Ringfenced" bank. As well as separating consumer banking from the investment arm, the ringfencing process splits Barclays' services for larger corporates and small businesses, with large clients managed through the non-ringfenced unit and businesses with annual turnover of less than £6.5m served by "Barclays Bank UK". A senior person who worked on the transition described the separation of corporate and business banking as the "Most seismic" change brought about by ringfencing. The bank is also looking to improve its offering for the ranks of "Mass affluent" households, with wealth management and premier banking separated from its private and international banking clients. HSBC is moving thousands of staff to Birmingham as part of its transfer, which is expected to complete in July, while Royal Bank of Scotland - which has a significantly smaller investment banking operation - has scheduled its transfer for the end of April. The person working on Barclays' changeover admitted the bank was "Apprehensive" about the impact of changing customer sort codes and temporarily shutting down bank systems.

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