Member Article

Barclays boss on being a national bank in Yorkshire

It’s no secret that Barclays has had a hard time of it recently, but regionally the banks presence supporting SME’s and entrepreneurs soldiers on.

Here, Barclays boss, Martin Cuthbert, the regional director for Barclays Wealth and Investment Management in the North East talks to Bdaily about the trials and successes of Barclays in Yorkshire.

Although Barclays is a national bank, do you find it important to have a local presence (and not just through branches)?

We feel that it is of real value to our clients to be able to access the significant global capabilities and investment expertise of the broader Barclays organisation, but on a local level. We strongly believe that we serve our clients better because we know them better, and an emphasis on establishing a local presence to understand the unique challenges facing our clients is of course an integral part of that. Whether it is the practicalities of being able to arrange a meeting with their Private Banker, or drawing upon the experience of a banker with deep knowledge of the local business environment and a strong network within their peer group and the wider advisory community, Barclays Wealth and Investment Management, together with the Corporate Banking team, work together from our UK regional offices to support high net worth individuals, entrepreneurs and local business owners by bringing the benefits of a global banking model that is delivered locally.

What are yours (and Barclays) proudest achievements in Yorkshire?

Barclays Wealth and Investment Management opened its first Yorkshire office in June 2007 and since then we have been very proud of the strong local team we’ve developed to support our clients’ financial needs – both in Leeds and Sheffield. We’re particularly pleased to work with many of Yorkshire’s leading entrepreneurs and businesspeople and to play a part in their on-going success, which in turn contributes to the on-going success of the region. We’re also proud to play a role in the community and have been active supporters of the Princes Trust in the region for a number of years.

What key challenges have you had to face recently?

The Retail Distribution Review (RDR) is probably the biggest challenge the wealth management industry has faced over the last 10 years. At Barclays we welcome the regulators’ focus on ensuring stronger levels of standards, including advisor qualification (in fact all of our bankers are qualified to a higher level than required by the new regulation) and improving transparency. We view the RDR as an opportunity to further differentiate ourselves by the high quality of our client offering, service and advice.

Can you share with us your view of the current landscape of business in Yorkshire and where you think Barclays sits within it?

We are very positive about the business landscape in Yorkshire. Of course, the regional economy still faces several challenges, but there’s no doubt that we’ve seen a significant improvement in both sentiment and general activity over the last few years. A great deal of this has been down to the surge in entrepreneurial activity in the region; our most recent Entrepreneurs Index, the fourth in the series, found that one in four SMEs in Yorkshire and Humberside can now be considered high growth, a year on year increase of 38%. We have also seen an increase in deals we’ve been involved with such as trade sales, IPO’s and partial exits. It’s also great to see that the 150,000 + businesses in Yorkshire are now present in an increasingly diversified range of sectors.

What are your plans for Barclays in Yorkshire this coming year?

We will continue to support our high net worth clients in the region – we are seeing in particular growth opportunities to work with entrepreneurs and the next generation.

This was posted in Bdaily's Members' News section by Clare Burnett .