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1,000 jobs to go at Barclays

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by Kay Mitchell

Banking giant Barclays has announced it will axe 1,000 jobs as it ceases to offer financial planning advice in its branches.

The job cuts will take place countrywide from February 18 as the bank focuses its investment service online.

The announcement comes just a week after the bank was fined £7.7 million by the Financial Services Authority (FSA) over poor investment advice.

However, the bank said the two issues are not linked.

In a statement, the bank said the decision to close the advice operation “reflects the emerging trend that customers are increasingly purchasing and managing their investments online”.

In other news, the bank has received yet another fine from the FSA of £1.1 million after Barclays Capital breached rules on handling client money.

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News posted: January 26, 2011

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