Barclays Severing Ties With Up to 7,000 Business Clients
- Launches ‘Flight Deck’ system to rank clients by profitability
- Bank’s top 500 markets clients ranked gold, platinum, diamond
Barclays Plans to Cut Ties With Low-Return Clients
Barclays Plc is preparing to tell 7,000 clients to do more trading with the firm or find another bank, the latest move in an industrywide trend of winnowing down customer lists to the ones that produce significant profits.
The British bank launched a new computer system, called Flight Deck, this month that ranks every customer of its trading unit by the return they generate on the firm’s capital, allowing Barclays to prioritize its most lucrative relationships and jettison those that have become a drag. Since 2014, the bank has culled 17,000 clients as tougher capital rules make dealing with many smaller firms less profitable, and the new system has identified a further 7,000 that may need to go.