Barclays to close 400 banks and replace with outlets in Asda

Hundreds of jobs will be affected at Barclays’ investment banking division.

16:26 29 January 2014

As part of the Barclays’ massive cost-cutting programme, it has been announced that the bank decided to close 400 branches that will be replaced by smaller outlets inside Asda supermarkets.

The bank added that it will cut hundreds of jobs in its investment banking sector.

Barclays is still reeling from £290m fine in June 2012 for rigging the Libor rate on inter-banking lending. This resulted in the replacement of chief executive Bob Diamond by Antony Jenkins.

Jenkins previously said that at least 3,700 positions would need to go. The bank is due to report its annual results on February 11, which means that further restricting and job losses are widely expected.

Barclays is set to close about 25% of its branches and in hopes to cut costs, it encouraged customers to use smartphone applications and other technologies to do banking instead of in-store visits.

Yesterday, it was reported that the bank has issued directives ordering staff to cut out all non-essential overseas travel. It is also set to end its sponsorship of Boris Johnson’s flagship bicycle hire scheme in London in 2015.