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Barclays creates a wealth of jobs

Barclays Wealth, the wealth management unit of Britain's third largest bank, announced that 800 new jobs will be created in order to meet demand from its clients.

The wealth of the rich grew at the fastest pace seen in seven years in 2007, a survey by Capgemini SA and Merrill Lynch revealed and the new jobs come to cater for the "explosion of wealth around the world", according to Barclays.

Jobs will be created in risk management, compliance, marketing and finance, with positions in Glasgow, London, Geneva and Singapore, Barclays Wealth said in a statement.

The wealth unit has already created 1,700 positions since the start of 2006.

"We are strongly in the market right now, at a time when others are thinking about their model and future direction, as we are able to leverage the clarity which surrounds our business and its forward strategy," Barclays Wealth's head of human resources was quoted by Thomson Financial as saying.

"It's been a long-term ambition of Barclays to grow their wealth-management business,'' Derek Chambers, an analyst at Standard & Poor's Equity Research told Bloomberg.

The Barclays group currently has a market value of $67 billion.