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The UK's fourth largest bank will stop selling new loans through its sub-prime loans unit and plans to cut around 300 jobs, Bloomberg reported overnight.
Neil Radley, managing director of Barclays’ subprime unit FirstPlus, said the decision was made due to a drop in customer demand for the lender’s sub-prime products.
``In the past year we have tried a whole range of activities to develop our business but the market demand simply isn't strong enough,'' he said.
Published: 09-07-08
Second largest UK lender halves maximum loan size, 29 April 2008
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