Barclays is to shut a quarter of its UK branches and cut hundreds of jobs within its investment banking arm, as part of a restructuring.
The BBC reports the bank will replace around 400 of its 1,600 UK branches with smaller outlets in Asda supermarkets.
Up to 400 senior managers, mainly London and New York-based, are expected to be made redundant.
The news follows announcements last year that Barclays plans to cut 3,700 jobs in total, with 1,700 jobs cut in 2013.
Chief executive Antony Jenkins will present the bank’s annual results on 11 February, alongside a new five-year financial plan for the bank.
The plan will include targets such as achieving a return on equity above the cost of capital before 2016. It will also include targets such as improving trust in the bank and promoting more women to senior roles.
Lloyds Banking Group announced yesterday it is to cut almost 1,100 jobs within its retail, risk, operations and commercial banking divisions.