Barclays to close a quarter of branches

[dutchman]

Barclays plans to close a quarter of its branches in the UK and cut hundreds of jobs in its investment banking division as part of a restructuring.

The lender is expected to replace about 400 branches with smaller outlets in Asda supermarkets.

The job cuts come on top of 3,700 layoffs announced early last year.

Chief executive Antony Jenkins is also expected to unveil new five-year financial targets when the bank releases its annual results next month.

He has been looking to improve profitability in the face of falling trading revenues and tougher regulations.

Mr Jenkins, who took over from Bob Diamond following the Libor rate scandal, plans to reduce £1.7bn in expenses by next year.

The new cost-cutting plan will entail closing branches and encouraging customers to use new banking technology such as smartphone applications.

The bank is also restricting international travel to "essential" external meetings, in an attempt to control expenses.

Barclays is scheduled to release its annual results on February 11.

[rebbonk]

Do I begin to smell more trouble in the banking sector?