Barclays Wealth is planning to slash its private banking services for clients with less than £500,000.
The bank has written to clients warning them they would lose their private banker and offered them an opportunity to move their investment accounts at no cost.
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As part of the move, sub-£500,000 clients will now see their investments managed by a central team.
The standard cost required to transfer an account from Barclays Wealth is £20 for each fund or stock held and £50 if moved offshore.
According to the source, the move will follow a slash of the bank’s staff to 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.
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By GlobalDataMeantime, the bank said sub-£500,000 clients will be transferred to a section of the bank called Private Clients were they will receive a lighter touch service.
