Barclays to shut hundreds of branches

By Standard Reporter

Barclays is planning to shut 400 UK branches, or a quarter of its network, as part of the bank’s plan to cut costs, the Financial Times said on Wednesday.

Chief Executive Antony Jenkins is due to lay out a final phase of his overhaul plan in two weeks and set new targets on how staff conduct themselves as he tries to improve culture following a string of industry scandals.

He is expected to put renewed focus on costs, and Wednesday’s Financial Times said he would axe 400 of its 1,600 UK branches, without citing sources.

Barclays declined to comment. Jenkins aims to cut 1.7 billion pounds ($2.8 billion) in annual costs and has previously said thousands of jobs are likely to go as technology improves efficiency.

The bank is cutting several hundred jobs in its investment bank, a person familiar with the matter said on Tuesday.