You are here: Home - Investing -

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

Written by:
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.

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
VCT fundraising up 69% year on year

The Venture Capital Trust (VCT) sector has raised £152m so far in the 2013/14 tax year, up 69% from £89.8m...