A number of employees of Barclays Wealth in the Isle of Man are leaving their jobs under voluntary redundancy agreements as the UK firm continues to shrink headcount, according to Isle of Man Today.

A spokeswoman for Barclays Wealth declined to comment on any redundancies, where they may be taking place or what roles affected staff performed.

The bank is carrying out a 90-day review of its staffing and is looking to shed around 500 jobs in the UK and some jurisdictions such as the Channel Islands and Isle of Man this year.

As previously reported, Barclays Wealth said its cutbacks, set against the context of the global credit crunch, did not represent a step back from its plans to develop its brand in its home market and abroad.