26 Jan '11, 11pm

British bank Barclays said it would cut 1,000 jobs & close its financial planning services unit

LONDON - BRITISH bank Barclays on Wednesday announced plans to axe 1,000 jobs and close its financial planning services unit, while the firm's investment banking division was hit with a 1.12 million pound (S$2.27 million) fine. The company said in a statement that it has entered into talks with employees at its Barclays Financial Planning unit, which offers face-to-face financial planning services to customers. 'We're only in consultation at the moment but we're looking at approximately 1,000 people,' a spokesman told AFP via email, when asked about the number of potential job cuts. The bank added in a statement: 'Barclays has been conducting a detailed review of its financial planning advice over recent months. 'This review has concluded that, given the changes to the retail investment marketplace, it is unlikely that this business would be able to deliver a return that w...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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