1,000 staff face door at Barclays

The bank said there had been a decline in the commercial viability of the services in recent years which it expected will continue.

Customers were increasingly buying and managing their investments online, said Barclays, adding that it was proposing to offer retail investment services solely online.

“Barclays has been conducting a detailed review of its financial planning advice over recent months,” the bank said in a statement.

“This review has concluded that, given the changes to the retail investment market place, it is unlikely that this business would be able to deliver a return that would justify the investment required.”

Union leaders said the move will lead to 1,000 job losses.

Unite national officer Rob MacGregor said: “Barclays management should hang their heads in shame as 1,000 hard-working staff are told they no longer have a job at the bank.

“Are the senior management of Barclays too busy counting their bonuses that they have totally lost touch with those who make their business successful?”

The bank’s investment banking arm Barclays Capital is also wielding the jobs axe, with around 200 staff being let go in London as part of a worldwide push to reduce costs.