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The bank announced at the Wealth Management Conference on 17th April 2007 a restructure to its Wealth Management division. It is planned to unite Private Banking and Bancassurance under one Salesforce. The new wealth planning Salesforce will be responsible for providing financial advice to clients in the affluent segment. The new teams will be deployed to align with the existing Community Banking structure. This will result in the following changes:      This will lead to PBIFA’s and SFPM’s becoming Senior Wealth Planning Managers (SWPM). A single wealth offer looking after clients with £100,000 up to £1,000,000 or income of between £60,000 and £250,000. SWPM will become multi tied agents. There will be little or no change to Private Banking Managers (PBM) population and as such there will be no change to your current remuneration arrangements. Launch date is when the first tranch of advisors have completed their training on 14 th May 2007.

Salaries  5 salary tiers will be retained with each salary tier carrying an equivalent value target.  Aligned earnings for SFPM’s and PBIFA’s based on the current SFPM tiers which will mean a salary adjustment for PBIFA’s, however there is a broad principle not to reduce advisers salaries as part of this exercise  All affected staff will have a 1-1 with their line manager at this meeting. You will be able to discuss and agree the full details of your reward package. These meetings will take place week commencing 23 rd April 2007. Bonus  Monthly bonus opportunities linked to VAC’s (Value Aligned Credits).  VAC’s target linked to salary tier.  Quarterly bonus opportunity linked to BSC rating which reflects your whole job performance. Targets  Targets will be amended from Q3.  For the new SWPA Salesforce the model will be aligned to existing FPM process of points for each sale based on the value of sale (VAC’s).  The VAC based targets will be changing and for the SFPM population these will look higher and for the PBIFA's lower. However, during our discussions the Bank will need to demonstrate that the underlying productivity is comparable and that the new targets are in line with new opportunities for the salesforce.  Individual targets will be discussed with your line manager in your 1-1 meeting. Training A series of bespoke training courses will be held from 24th April to 1st June. The training programme extends across every role within Wealth Management Salesforce and those identified supporting it. The training will consist of cascade communications to four day residential training courses. Amicus is meeting with the bank to discuss the issues affecting our members throughout this restructure and will keep our members updated on these issues. Amicus members can get further help and advice through the helpline by ringing 08081 449595. Not a member? Being part of a TUC affiliated independent trade union that has over two million members allows us the opportunity to offer you an unbeatable discounted rate on your membership. Membership subscriptions are £5.77 per month for full time staff and £3.17 for part time staff. In addition, you will receive the first three months of your membership completely free. To join visit our website on Dave Kennedy Regional Officer April 2007

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