Taking the axe to the max.
Bloomberg reports that the bank will reduce the number of relationship managers to about 180 from 275, Will Bowen, a spokesman for Barclays, said in an e-mail today. The bankers, who oversee some of Barclays’s accounts with rich individuals and families in the U.K., may leave the company by February, he said.
'We are making changes to the way we service our affluent clients in the U.K., and as a consequence a number of private-banking and support roles will no longer be required', Bowen said. 'Wealth and investment management continues to be a key area of growth within Barclays'.
Barclays is cutting wealth-management services as it seeks to improve profitability, a person with knowledge of the matter said in September. The business known as Wealth & Investment Management will reduce the number of countries in which clients receive services to 70 from as many as 200, the person said.
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