Barclays to close 400 branches, smaller outlets to open in ASDA stores

The economic recovery may be underway, but fears of job cuts in the banking sector have been stoked as Barclays has announced it is considering closing about a quarter of its 1,600 branches, and cutting hundreds of roles at its investment banking business.

The move, which would come as part of a package of cost saving measures, would see the introduction of smaller sites in ASDA stores, according to the FT.

Barclays’ chief executive Antony Jenkins is leading an overhaul to improve results, drive down costs and repair the bank’s tattered image following the group’s £290m fine for rigging the Libor rate.

The bank sees the potential for cuts in staff numbers from 140,000 to 100,000 in coming years as more automated services are introduced.

Jenkins is expected to set out the bank’s plans and new financial targets when he releases the bank’s results on February 11.

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