Barclays is looking to close its financial advice arm next month due to declining returns and shifting investor trends.
The bank is currently conducting a consultation on whether to close Barclays Financial Planning, which employs around 1,000 staff, with a decision set to be made on February 18. "We are proposing to make changes to our financial planning business due to the fact we have seen a decline in the commercial viability of the service and expect this to continue," says a spokesperson. Should the closure go ahead, the bank will enhance its online investment service Investor Zone, launched last November, to cater to "changing investor trends" with clients now looking to access investments 24 ho...
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