Barclays EBC business under review

Barclays has launched an internal review that will determine the future of its Barclays Corporate & Employer Solutions benefits consultancy business, which it no longer considers core.

The bank, which launched into the employee benefits consultancy space in 2011, says it will continue to service its existing clients who should expect no change as a result of the review. 

Rival consultancies have told Corporate Adviser that Barclays Corporate & Employer Solutions employees have been contacting them with regard to external job opportunities.

The business is understood to be in the midst of a consultation process and is unable to give any information about the potential for job losses, although it says it is in discussion with Unite. Staff who have contacted Corporate Adviser say employees were told of the review and consultation at 10am on Monday morning. The review could see some parts of the business retained, with others being organically run down, Corporate Adviser understands.

Barclays Corporate & Employer Solutions has been led by former Olympic rower Richard Phelps, and made a number of high-profile appointments from across the EBC landscape, including Katharine Photiou from Mercer, who is head of workplace savings.

A Barclays spokesperson says: “Putting our clients’ needs first is a priority and we constantly review ways in which the business is structured for their needs. We cannot discuss further details at this stage but there will be no changes for our clients who we will continue to service.”