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A bond trader by training, Mr Kalaris joined the British bank in 1996, after spending 18 years at JPMorgan in a number of roles, including head of fixed income sales, trading and research.
After serving as head of distribution and research at Barclays Capital, the investment banking division, Mr Kalaris was shifted by Mr Diamond — who was at the time chief executive of the investment bank — to head its wealth management arm from late 2005. The move was part of a senior management reshuffle by Mr Diamond in line with his grand vision to expand Barclays’ private banking operations overseas.
In his new role, Mr Kalaris pursued an aggressive push to elevate the medium-sized unit into the global top league and to boost cross-selling with the investment bank.
As part of this expansion, Mr Kalaris launched “Project Gamma” at the end of 2009 with the aim of increasing client assets to as much as £300bn and return on equity to 17 to 18 per cent by the end of 2013.
But a report by consultancy Genesis Ventures was critical of the wealth management unit’s culture of aggressively seeking revenue.
Mr Kalaris left Barclays in summer 2013 — a year after Antony Jenkins became chief executive of the bank.
The former Barclays executive made a comeback last summer with the launch of a wealth management boutique in the UK called Saranac Partners, and has recently hired several Barclays alumni.