Barclays has revealed plans to cut over 400 jobs. They will close one of their call centres and slash over 30% of their private bankers. The company is altering its current banking structure for wealthy clients, and as a result there will job losses in the private banking department.

The company are aiming to reduce costs and make their banking processes simpler. They have revealed plans to cease their wealth-management schemes in over 100 countries, with the ultimate goal of improving the Barclays brand after receiving a number of recent negative press reports.

Inevitably the cuts will result in job losses for current employees, however it is still to be announced exactly who has lost their job. It is anticipated that staff will learn the outcome of their future with the company by the end of the November.

The bank has also announced that it will be closing a call centre based in Coventry next year. As a result, over 300 jobs will be compromised, either lost or moved to new sites in the UK, affecting a large number of people in the local community.