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Barclays Wealth drop clients with less than £500,000

Aaron Strutt Image

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

As seen in
sunday times telegraph financial times bbc news the express the times
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