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Barclays appointed Rapp to its consolidated £11 million UK consumer DM account in October 2012 after a competitive pitch that was handled by the bank’s procurement department.

Bartle Bogle Hegarty, Dare and Maxus oversee Barclays’ above-the-line, digital and media accounts respectively and are unaffected by the changes.

A spokesman for Barclays said: "Like all companies, we review our agencies from time to time and make changes. We never comment on any particular agency and no wider conclusions should be drawn."

Rapp declined to comment.