Employee benefits consultancy Barclays Corporate and Employer Solutions (C&ES) will cease to offer its services to new business following a consultation by Barclays.
Its benefits consultancy services and auto-enrolment consulting will close and will not be open to new employers.
Barclays will continue to honour existing employer client commitments within these areas and will support them if the client wishes to move services elsewhere.
It is also talking to all employer clients to explain what the move means to them. In cases where clients have requested to renew their contracts, Barclays will work with them to find the best possible solution.
Further renewals will then be done on a case-by-case basis dependent on employer needs.
The bank, which launched the benefits arm in 2011, will now put a renewed focus in areas that will continue to be open to new business such as global stock and reward services (share schemes) and workplace banking.
These services will fall under a new internal structure and not the C&ES brand within its public and corporate banking services.
Barclays has also worked closely with Unite the union to minimise any issues with C&ES staff.
Members of staff were offered re-employment in other areas of Barclays and they will also continue to support employer clients signed up to its services.
The consultation was launched in April.
A Barclays spokesperson said: “Following a thorough review of the structure of Corporate and Employer Solutions, we have reached the decision to focus our efforts in key areas which will continue to be open to new business including global stock and reward services and workplace banking, under a new internal structure.
“The services of benefits consulting and auto-enrolment consulting will not be open to new business but we will honour existing client commitments.
“We are speaking to our clients to explain what this means for them and how we will support by minimising any disruption during this time.
“Putting our clients and customers’ needs first is a priority and we constantly review ways in which the business is structured for their needs.”
