Barclays bank are to axe 1,000 financial planning jobs
Barclays branches will lose their financial planners following a heavy fine from the FSA and dwindling profits from this type of business, the jobs will go from the branches. The bank entered consultations with employees in Barclays Financial Planning to shut the unit down.
The big high street banks have long relied on a network of branch-based sales advisers to push financial products such as savings accounts, basic investments such as ISAs and pensions to existing customers. barclays intend to set up an online dealing service for existing customers. With the current financial crisis business has declined, but consumers still need sound face to face advice and guidance for long term savings and investment planning and should seek independent advice from local experts who can tailor plans to suit individual or family needs and are totally independent of large institutional products which are often sold by banks.
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