Barclays is building its wealth business this year. It is investing 350m and wants to hire 650 people.

However, it would appear that all is not always harmonious in a big banking family. Gerard Aquilina, vice chairman at Barclays Wealth, said yesterday that there can be an “endemic failure” of investment bankers and private bankers to talk to each other [Barclays would like to make it very clear that Aquilina was by no means referring to his own place of work].

According to Aquilina, this is all because investment bankers disdain private bankers and private bankers have an insecurity complex . Understandably, this can make it difficult to share fees and make referrals between the two businesses.

Aquilina also said that the very rich can make, ‘impossible demands,’ of their private bankers, such as asking for help getting their offspring into schools.

RBS is planning to cut 3,500 more jobs, none of them related to markets. (BBC)

Oxford Union head has not receive a full time offer from his Morgan Stanley internship after using internal info service to search for ‘good strip club’ and ‘nearest p*rn shop.’ (Daily Mail)

Darling says bonus tax failed; FT says a new bonus tax is ‘not currently on the table.’ (Financial Times)

“Had Lehman been granted that same access as its competitors, even as late as that Sunday evening, Lehman would have had time for at least an orderly wind down or for an acquisition which would have alleviated the crisis that ensued.” (Financial Times)

The Fed’s back-up plans for Lehman. (EconomicsofContempt)

Mystery of the missing letter from the NY Fed to Lehman, saying they’d been saved. (DealJournal)

If banks are forced to break up, Stuart Gulliver points out that Barclays, HSBC and Standard Chartered could quit the UK. (Bloomberg)

GLG’s star traders have ALL backed the Man merger. (FT)

Top fund manager has left Gartmore, seemingly with no job to go to. (Telegraph)

Hays’ profits down 80% in the year to June. (Evening Standard)

The heroic ‘sacrifice’ of underpaid elites. (The Atlantic)

How baby fever spreads through offices. (Economix)

‘Incredibly beautiful, incredibly intelligent’ Russian girls invade the Hamptons in search of (rich) young, hot, hedge funders and guys in loveless marriages. (The Daily Beast)