Barclays denies significant cuts to branch network

The bank admitted there will be fewer traditional branches in the future but said the network was still an important part of its banking service.

According to The Financial Times, the bank is planning to replace about 400 branches with smaller sites in Asda supermarkets.

Speculation over Barclays’ branches follows an announcement by Lloyds Banking Group of 1,080 job losses across its retail, risk, operations and commercial banking divisions.

Barclays chief executive Antony Jenkins is leading an overhaul to improve results and repair its tarnished image following the group’s £290m fine for rigging the Libor rate.

A Barclays spokesman said: “We have no plans to announce significant reductions to our UK branch network. Increasing use of technology is changing the way in which customers choose to do their banking and creates opportunities for Barclays to offer services in new ways, complementing the branch network.

“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.”