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Barclays bank to close hundreds of branches in UK

UK high street bank Barclays is preparing to close around a quarter of its 1,600 UK branches and cut hundreds of jobs within its investment banking arm.

The decision comes as the bank looks to cut costs across the board.

Many of the closing branches will be replaced with smaller sites and services in Asda supermarkets, according to the Financial Times.

Barclays chief executive Antony Jenkins is pushing a number of measures to improve results at the bank and repair its image, which was recently damaged by its role in the Libor rigging rate.

Last year, Mr Jenkins announced that at least 3,700 jobs would be cut to reduce costs at the bank by around £1.7 billion.

In a shareholder meeting in March 2013 it was revealed that the bank was considering making use of technology and automation to reduce its workforce further.

Other measures of cutting costs, such as banning employee travel for internal meetings and the addition of restrictions on wider international travel, have been implemented to cut costs.

By Gary Cooper