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Barclays to close quarter of branches and cut hundreds of jobs

Laura Miller
Written By:
Laura Miller

Barclays plans to close a quarter of its branches in the UK and cut hundreds of jobs in its investment banking division as part of a restructure.

The lender is expected to replace about 400 branches with smaller outlets in Asda supermarkets, the BBC reports.

The job cuts come on top of 3,700 layoffs announced early last year.

The London-based bank is also restricting international travel to “essential” external meetings, in an attempt to control expenses.

Barclays’ investment banking division – which employs a large percentage of the bank’s 140,000 global employees – is reportedly set to bear the brunt of the planned new job cuts.

Up to 400 senior managers, mostly in London and New York, are expected to be made redundant.

Last year, Barclays announced 1,800 job cuts in corporate and investment banking and 1,900 in its European retail and business banking.