The group has committed Â£350 million worth of funds to developing its wealth business with two-thirds of the figure expected to be invested in its technology platform, the Financial Times reported.
According to the article, funds are expected to be spent on improving services to its global client base.
A âstate-of-the-art IT systemâ will be implemented to make it easier for bankers to manage client accounts, the newspaper reported.
The rest of the money will be invested in training programmes to boost the skills-base of its workforce.
Thomas Kalaris, head of Barclaysâ wealth management business, told the FT: âBroadly speaking, this is an industry that is short of talent.
âItâs the industry that probably has the best growth rates projecting forward, but that growth is outstripping the talent pool. And thatâs the problem that every wealth management executive is facing.â
John Varley, Barclays chief executive, and Bob Diamond, head of BarCap, are both reported to have backed the investment.
By Jim Ottewill