Barclays to close bulk of retail units

Barclays Bank is scrapping ten of its 13 retail marketing divisions in a restructure which will focus activity on customers rather than products.

The bank denies this will lead to widespread redundancies, claiming only a handful of marketing jobs will be lost.

The marketing divisions devoted to loans, life and pension products, savings, investment products, mortgages, current accounts, new product development, general insurance, wealthy customers and offshore banking are to be scrapped. They will be replaced by four new retail marketing divisions dedicated to “populations of customers”.

Allan Silverman, Barclays managing director for the new personal customers division, says: “Under the old structure, customers were approached many times by different Barclays marketing departments. Now customers will only be targeted by one, or at the most two. They will also see a more coherent brand.”

The new marketing divisions are still being finalised. They will be dedicated to personal customers, small businesses, customer segmentation and wealth management – headed by Silverman, Paul Myers, Chris Balmer and John Church respectively.

Each comes from a top marketing position within the company and reports to Ian Richardson, Barclays managing director for retail customers.

Silverman says the other former marketing directors of the scrapped divisions are all working in senior positions within the new marketing structure. A Barclays spokeswoman says: “The total number of marketing roles within Barclays’ retail operation will not be substantially reduced by the restructure. It is unlikely to be much more than ten.”

Barclays has about 400 staff in its retail marketing departments and recently announced it is to cut 7,000 jobs across all divisions.

B2, Barclaycard and Barclays’ marketing services division will continue to work as standalone divisions within the retail operation.

see “Cover Story”

Latest from Marketing Week

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here