Banking: Barclays redefines divisions in banking group
We all know that there are several basic groups in banking: retail, corporate, merchant / investment and private. Barclays seems to think there are only two as it "re-aligns" its divisions.
When you call a hotel and the telephonist goes through some long corporate name before actually saying the name of the hotel, it's annoying.
Just wait until you phone Barclays: their new "Corporate and Investment Banking and Wealth Management Division" is just crying out for an acronym. But CIBWMD doesn't roll off the tongue. And it sounds like someone's about to discover nerve gas in a commercial crimes division of the police.(1)
Apparently adding Corporate banking to the already strange bedfellows is "presenting increased client support synergies between these businesses. The campaign will therefore also highlight the crossover benefits for clients that closer alignment with Barclays Capital and Barclays Wealth can bring. "
So, that's cross-selling.
Barclays would be crowing (if it's sign were not a stylised eagle) "Richard French, Global Marketing Director, Barclays Corporate, said: "As our business is now focused on larger, more sophisticated corporates, our new brand must speak directly to this audience."
And so French and his team are going to start a marketing offensive. He says ""The entire focus of the campaign is positioning the corporate bank as a financial partner for success, which will underline the fact Barclays Corporate is an organisation that truly understands the businesses of our clients, and their ambition, and brings together all the capabilities across the Barclays Group efficiently and in a way that will add significant value to their bottom line."
And, joy of joys, there's a interactive website. And an e-mail newsletter.
(1) For the lazy: CIB = Criminal Investigation Bureau; WMD = what Blair / Bush decided were in Iraq.
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