Barclays bank removes customers with less thank £500K

Barclays’ private bank drops customers with less than £500,000

Customers with less than £500,000 to invest will from today be offered a reduced level of service
branch of Barclays in central London

By Kyle Caldwell11:07AM GMT 20 Jan 2014

Affluent savers who use Barclays will from today no longer have a dedicated private banker to handle their investments affairs unless they have half a million pounds or more.

Savers with investment pots worth less than £500,000 will instead have their assets managed by a central investment team. Previously, wealthy clients had a personalised private banker who they could contact by phone or email during business hours.

The bank wrote to clients last month to outline the changes, according to The Sunday Times. The changes were announced by Barclays in September. The firm axed a third of its private bankers, reducing their number from 275 to 180.

A spokesman for Barclays said its private bankers would focus on wealthy customers with investment pots of more than £500,000.

“In order to reduce complexity we are bringing together wealth and investment management clients with assets of less than £500,000, along with advisory clients in other parts of Barclays, under a single new team called Private Clients. These clients are very important to Barclays and we are changing our servicing model to be more appropriate for the client’s needs.

“We will continue to manage these existing clients’ portfolios and provide advice but this will require a change in contact point for these clients. These clients will continue to have access to banking support 24 hours a day, with investment advice available during normal office hours.”

Barclays Wealth employs about 8,000 staff and has about £200bn of assets under management, with about a quarter of those funds owned by British clients.

The bank is also expected to cut more jobs in the coming months, having announced that it will close a contact centre in Walsgrave, Coventry, in June.

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