Nine Woolwich BDMs to lose jobs

Barclays plans to cut its Woolwich BDM sales force by almost a fifth as part of cutbacks across the group.

The lender will retain 40 of the 49 BDMs it currently has under the Woolwich brand.

Barclays has placed 300 staff into consultation, 200 of these being in its retail mortgage sales division.

The total number of jobs to be cut is yet to be decided but Barclays says affected staff will be able to apply for other roles in the firm.

A spokeswoman for Barclays says: “Difficult trading conditions mean we need to change the way we structure our mortgage business. We have to adapt to the changing market.”

Staff were notified about the decision last month. The news follows Woolwich’s move to control distribution via daily tranches to a select group of 10 distributors.