Barclays to Cut 1,000 Employees

Barclays will lay off 1,000 employees as it withdraws from its financial planning advice business for U.K. retail banking customers. The firm announced yesterday that it will move the investment services online as "it is unlikely that this business would be able to deliver a return that would justify the investment required."

Georgie Carter, a Barclays spokesperson, said that the decision was based "on us seeing a decline in the commercial viability of the business." The 1,000 employees affected will be placed into a redeployment program that will span six months, she said. Employees will be able to apply for internal positions and also receive support to apply for external roles.

The cuts will take place across the country and begin on February 18.