Barclays puts 200 retail mortgage staff in consultation

Barclays have placed 300 staff into consultation with some 200 affected employees from its retail mortgage sales division.

Employees under Woolwich, the mortgage brand for Barclays, will also be affected.

The bank says that although 300 staff have entered into consultation, it is hoped the expected number of resulting redundancies will be “significantly lower.”

The final decision on the total number of job losses will not be for several months, but Barclays maintains that less than ten intermediary business managers are likely to be affected.

A spokeswoman for the bank says: “Barclays remains committed to the mortgage market and is very much open for business.

“The mortgage market slowed in 2008 and it is widely accepted that this is likely to continue to an extent into 2009.

“We are aiming to sustain the strong performance from last year but the difficult trading conditions mean we need to make some changes to way we structure our mortgage business to adjust to this changing market and the change in demand.”

Barclays adds that affected staff will be given the chance to apply for other roles within the company.

Staff were notified of the decision three weeks ago. The news follows Woolwich’s plans announced last week to control its distribution via daily tranches to its top 10 distributors.

This latest wave of prospective job cuts comes less than a month after Barclays announced 2,100 job losses from its investment banking division and 400 job cuts from its IT division.