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Barclays scraps private banking for clients with less than £500k

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20/01/2014
Barclays Wealth has acted to cut its services for customers with less than £500,000, as it implements plans revealed last year.

According to a report in the Sunday Times, the bank wrote to clients at the end of last year, warning them they would lose their dedicated private banker.

Instead sub-£500,000 clients will now see their investments managed by a central team, in the latest example of wealth managers trying to shed lower-net-worth clients.

Businesses are acting to focus on ever-higher value clients because of increasing regulatory costs, which makes managing clients with smaller pots of money less profitable.

The move comes after a cull of the bank’s staff, with Barclays Wealth announcing last September is is to cut 100 roles – or 35% – of staff.

The job cull is partly due to the acquisition of Gerrard 12 years ago when Barclays inherited a number of clients with portfolios under £500,000.

At the time the bank said sub-£500,000 clients would be transferred to a section of the banked called Private Clients were they will receive a “lighter touch” service.

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