Barclays Wealth and Investment Management is planning to cut around 100 private banker jobs as part of its strategy to reduce the complexity of its business.
The 100 bankers, 35% Barclays Wealth & Investment’s banker workforce, are currently engaged in talks with the bank.
Affected bankers are yet to learn of their compensation packages. However, the bankers have been incentivised to stay until February 2014.
This move follows the bank’s decision to pull out of more than 130 markets in September this year and focus primarily on higher-net-worth clients.
This job cuts are partly due to the acquisition of Gerrard 12 years ago when Barclays inherited a number of clients with portfolios under £500,000 and as a part of this overhaul. These clients will now be transferred to a dedicated proposition within the business called Private Clients, where they will receive a lighter touch service.
The total net worth of these clients represents a small percentage of the bank’s £50 billion in assets under management in the UK.
A spokesman for Barclays said: "We are making good progress in implementing a new strategy, designed to make us the "go-to" provider of wealth and investment management advice and solutions globally. It builds on our strengths, focuses on competing where we can win and simplifies how we operate.
"We will of course support those bankers affected in any way we can and we will communicate clearly with clients to explain any changes to the way in which we look after them. We continue to invest in technology and processes so that we set the standard in client experience," he added.
