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View the article online at http://citywire.co.uk/wealth-manager/article/a731000

Barclays to cut 400 jobs but denies reports of branch closures

by Alex Steger , Michelle Abrego on Jan 29, 2014 at 07:48

Barclays to cut 400 jobs but denies reports of branch closures

Barclays has denied reports that it plans to shut 400 UK branches but said it will close branches ‘over time’ due to changes in technology and customer behaviour.

Responding to reports that it intended to shut up to a quarter of its branch network, Barclays said it had no plans for significant closures or a target for how many branches will go.

A Barclays spokesman said: 'We have consistently been clear that, over time, there will be fewer traditional branches as we move to provide banking services to customers where and when they find it most convenient. However, the branch network will remain an important part of our banking service and we will never leave a community without the ability to transact.

'Whilst it is inevitable that there will be speculation about how these changes will impact on the branch network, this will be driven by the needs of our customers and, therefore, there is not a target for a number of branches to be closed, nor a timeframe for such action.'

Barclays chief executive Antony Jenkins is expected to unveil a five-year plan for the bank when the lender announces its financial results on 11 February.

Barclays confirmed that 400 investment bankers, mostly in London and New York, are expected to be made redundant.

The job cuts are on top of the 3,700 announced last year.

On Tuesday Lloyds Banking Group said it planned to cut 1,080 jobs under plans announced in 2011.

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