Barclays to cut a third of UK private banker jobs

Barclays is to cut around 450 jobs in the UK, including a third of its private bankers.

Relationship managers dealing with affluent British customers will be cut from 275 to 180, the bank said, as part of a restructuring of its wealth business which was announced in September. Staff affected by these cuts are expected to be notified by the end of this month. The bank plans to stop full service for customers with less than £500,000 to invest, who will receive a "lighter touch" service once changes have been implemented. "We are making changes to the way we service our affluent clients in the UK, and as a consequence a number of private banking and support roles will no...