Barclays has announced that as of February 18 2011, it is to discontinue providing financial planning in its branches and will axe 1,000 jobs.
According to the bank, customers are increasingly buying and managing their investments online which has resulted in a slump in the commercial viability of the services in recent years and is expected to continue. The job losses will take place around the country as the bank focuses on offering its retail investment services online.
In a statement, the bank said: "Barclays has been conducting a detailed review of its financial planning advice over recent months. "This review has concluded that, given the changes to the retail investment market place, it is unlikely this business would be able to deliver a return that would justify the investment required."
The announcement comes after news that the bank was recently fined £7.7 million by the Financial Services Authority for poor investment advice, although the bank says the two issues are not linked.
Barclays to axe 1,000 jobs
Financial Services > e-banking > Banking news
Barclays to axe 1,000 jobs
Mon, 31 Jan 2011
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