Barclays private banking jobs go.

Financial News, July, 2002

Barclays is to shed 10% of staff in its private banking operation in an attempt to drive down costs.The business employs 1,000 of the 8,000 people employed in the bank's private clients division, which includes investment management and stockbroking. The action by Barclays comes after similar moves by other financial institutions looking to cut costs in their private banking divisions, whose profits have been hit by the fall in stock markets.

Schroders, the investment management company, cut its private banking staff by 19 people under a review of costs carried out by Michael Dobson, the new chief executive. Others to reduce their private banking divisions include Citigroup and Deutsche Bank.