More senior roles to go at Barclays Wealth

IT is understood three more senior roles at Barclays Wealth in Manchester are among the positions to be cut in a nationwide shake-up.

TheBusinessDesk.com has been told that the position of the regional head for the North will be axed along with a team leader role and the head of administration.

A Barclays spokesman said he could not comment until the end of a consultation period.

Insiders at the bank spoke of a crisis in morale, with many staff based at 3 Hardman Street speaking to headhunters.

Around seven frontline roles in Manchester will be cut under the proposals which nationwide will see a reduction of around 35% of private bankers at Barclays Wealth from 275 to 180.

In a statement earlier this month Barclays Wealth said wealth and investment management continues to be a “key area of growth” within the bank.

It added: “We are making changes to the way we service our affluent clients in the UK, and as a consequence a number of private banking and support roles will no longer be required.”

It is understood Barclays Wealth will be migrating customers with assets worth less than £500,000 to a telephone-based advice service, rather than a traditional personal private banking relationship.