Banking firm Barclays announce branch closures and hundreds of job cuts
PUBLISHED: 15:41 30 January 2014 | UPDATED: 15:41 30 January 2014
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Banking firm Barclays announced today that it is planning to close a quarter of its branches in the UK while cutting hundreds of jobs in its investment banking arm to slash costs.
Several hundred jobs at a senior level may also be axed, which is set to impact on senior executives and managing directors.
The group has also banned employee travel for internal meetings and restricted wider international travel for only essential client and regulator discussions.
It comes as part of a renewed cost cutting drive across the industry, with high street rival Lloyds Banking Group also announcing it is to shed a further 1,080 jobs across its retail, risk, operations and commercial banking divisions.
Another 300 roles will also move to other employers.
Royal Bank of Scotland - which yesterday revealed an extra hit of more than £3b to cover litigation and mis-selling compensation - is also expected to detail widespread cost reduction plans at its upcoming annual results.
Barclays chief Antony Jenkins is leading an overhaul to improve results.
He said at last year’s results that at least 3,700 jobs were being cut to reduce costs by £1.7b and revealed in shareholder meetings last March that the bank was considering using technology and automation to drastically reduce its workforce further.
The group sees potential to decrease staff numbers from 140,000 to 100,000 in the coming years.
It is also thought that Barclays is mulling ending its £40m annual Premier League sponsorship deal, following its recent move to drop the group’s association with the Boris Bikes scheme in London.
Barclays is scheduled to release its annual results on 11 February.