A spokesman for Barclays confirmed the rebrand would take place but no specific time frame has yet been allocated. The switch over from Woolwich to Barclays will be a gradual process with customers still likely to receive end of year statements in the Woolwich branding, he added.
The switch to use Barclays as the primary brand for advised mortgage lending has been made for ‘simplicity reasons’, and would not negatively affect customers, brokers or lending, Barclays said.
Barclays acquired Woolwich in 2000 in a deal worth £5.4bn, but decided to use the firm as the bank’s mortgage arm.
According to a report by the Times published on Sunday, Barclays is planning to cut 30,000 jobs over the next two years in a cost-cutting drive which could see the bank’s workforce fall below 100,000 by the end of 2017.
A spokesman for Barclays said: “The Woolwich identity is one that we’ve maintained for the past 15 years since acquiring the business in 2000. Since that time we’ve ensured that the Woolwich brand is harnessed, leveraging the heritage and legacy to deliver a market-leading mix of products and service for our mortgage customers.
“Our positioning of Woolwich however has always been in conjunction with Barclays. Going forward, the decision has been made to communicate the mortgages proposition/service through Barclays as the primary brand for simplicity reasons. This will have no detrimental impact on customers, brokers or lending”.