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Barclays changes norms for wealthy customers

Affluent customers of Barclays will not be able to make use of dedicated private bankers to handle their investments affairs unless they have half a million pounds or more. Savers with investment pots worth less than £500,000 will instead have their assets managed by a central investment team. Previously, wealthy clients had a personalized private banker who they could contact by phone or email during business hours. The bank wrote to clients to outline the changes. It has got rid of a third of its private bankers, reducing their number from 275 to 180. A spokesman for Barclays said its private bankers would focus on wealthy customers with investment pots of more than £500,000. In order to reduce complexity the bank is bringing together wealth and investment management clients with assets of less than £500,000, along with advisory clients in other parts of Barclays, under a single new team called Private Clients. These clients are very important to Barclays and it is changing its servicing model to be more appropriate for the client’s needs, the spokesman said. Barclays Wealth employs about 8,000 staff and has about £200 billion of assets under management, with about a quarter of those funds owned by British clients.

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