Barclays to axe 300 Premier account managers as it pushes ahead with cost-cutting drive
Lay-offs: Barclays has axed around 300 of its Premier account managers
Barclays has axed around 300 of its Premier account managers as it pushes ahead with cost-cutting plans.
The bank, which recently ousted boss Jes Staley following an investigation into his relationship with paedophile Jeffrey Epstein, told the staff this week that they would be made redundant.
One manager was said to be ‘distraught’ after working for the lender for more than 30 years, and receiving a redundancy pay package of just £30,000.
Barclays said the pay-offs were dependent on the employees’ pay grades and their length of service.
The bank claimed that cuts were necessary since more of its customers were using online services, and didn’t need as many phone calls or in-person meetings with their manager.
A Barclays spokesman said: ‘With more of our Premier customers using our digital channels rather than contacting us for their day-to- day banking, we are making some changes to our Premier business.’