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Big shake-up at Barclays sees sales directors axed

Barclays has begun plans to re-engineer its IFA businesses with a high-level rationalisation of sales management at director level.

The shake-up will bring the Woolwich IFA Services, Sedgwick and Barclays Independent Financial Planning sales- forces together into one business unit with a single management structure under the BIFP banner. Each firm will keep its name at present.

The number of sales directors is being cut from five to two and 13 regional sales managers have to apply for seven positions. Barclays says it has not sacked the sales directors but has put them on gardening leave until it can find them new positions.

It says it has no plans to cut its IFA salesforce which has over 600 RIs.

It will segment the business into three parts, with Sedgwick becoming the specialist arm, BIFP the high-value arm and Wifas the wealth arm. The bank says it has no plans to use the BIFP name across the board at present but would not deny that this could happen.

Barclays spokesman Alan White says: “We are absolutely committed to growing and strengthening this part of our business.”


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