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Barclays to close quarter of UK branches and cut jobs

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.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Yes the economy is booming….. That is everywhere apart from financial services, banking, retail and manufacturing. We’ve never had it so good. Asda and Barclays, the devil gravitates towards its own it seems.

  2. Is this the end of branch banking. RDR has resulted in advice being not available to low income customers now branches will close and the low income and elderly will have find other means to bank

  3. Look what happens when the regulator continually attacks and fines banks and forces them to pay millions/billions of pounds in compensation. Regulators don’t understand business. Barclay’s cannot print that money – it has to come from somewhere. The FCA needs to understand the effect of their actions on the businesses they regulate.

  4. You have to wonder if the 4 major banks are in more peril of folding now than at the height of the credit crunch ?

    Maybe this is what it will take, before the lunacy of an un-yielding and unaccountable regulator actually stops and thinks ?

    Bit like unleashing myxomatosis on the rabbit population for any-one who remembers that ?

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