Barclays Wealth plans to cut nearly 100 jobs as a result of a review of the company’s activities, according to a spokesperson for the company.

The job cuts will affect back and middle-office staff across several jurisdictions, the spokesperson said. The UK wealth manager did not wish to be more specific and stressed that regular reviews are standard practice within the wealth management industry.

By way of contrast, Barclays Wealth has kicked off 2012 with a string of hires. Yesterday, the bank announced the appointment of Faisal Shaker as head of wealth for Saudi Arabia; Rupert Howard as senior portfolio manager in the London ultra high net worth team; and David Archer as a new private banker based in the firm's office in the East Midlands region of the UK.

Earlier this month, the firm hired Andy Rowsel – latterly of Coutts – as a senior private banker in its Cardiff office, and Paul Flemming as a director and head of strategic partnerships.