Barclays has announced it plans to axe around 1,000 jobs in its UK retail division while its investment banking arm has been fined by the financial regulator.
The high-street bank said it will be moving its financial planning advice service online due to a continuing move by consumer to manage their investments over the internet.
Barclays said it expects the trend to continue.
Meanwhile, the bank's investment banking arm Barclays Capital has been fined £1.12m by the financial regulator for failing to separate and protect client deposits from its own funds for eight years.
The FSA argued that if the bank had become insolvent within those hours, the client money could have been lost.
The violations took place between December 2001 and December 2009, and highest amount of money at risk was at one point £752m.
Barclays retail was fined £7.7m last week for investment advice failings.ORIGINAL SOURCE
Disclaimer: Content used in this blog is courtesy of their respective owners
No comments:
Post a Comment