British bank Barclays on Wednesday announced plans to axe around 1,000 jobs with the closure of its financial planning division, sparking anger from trade union Unite. "Barclays has been conducting a detailed review of its financial planning advice over recent months," the bank said in a statement.
"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 would justify the investment required. "As a result of this, Barclays has entered into consultation with employees who support Barclays Financial Planning (BFP), the division of Barclays that offers face-to-face financial planning services to retail customers."