Barclays Wealth drop clients with less than £500,000
Many high-net worth borrowers with less than £500,000 in their Barclays Wealth savings accounts will no longer have access to their dedicated private banker.
Barclays wrote to customers to let them know about the changes a few weeks ago and thousands of clients will see their accounts change.
Aaron Strutt, product manager at Trinity Financial, says: "We have already spoken a few of our clients currently with Barclays Wealth and they are not particularly happy about the changes.
"We have placed a lot of our clients with Barclays Wealth over the years specifically because they can help high-net worth borrowers. It seems like a strange decision to try and limit their investments."
Barclays has made a number of their private bankers redundant and according to reports more jobs are likely to go. Barclays Wealth employs approximately 8,000 staff and they have roughly £200bn of assets under management.
A spokesman for Barclays was quoted as saying they plan to concentrate on customers with investment pots of more than £500,000.
If you are a Barclays Wealth customer and you would like help to restructure your mortgage, call us on 020 7016 0790.
January 31, 2014
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