Barclays to close branches and cut hundreds of jobs

Reports state that Barclays chief executive Anthony Jenkins is looking to revamp Barclay’s corporate culture.

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

The lender is likely to replace around 400 branches with smaller outlets in Asda supermarkets.

Mr Jenkins who took over from Bob Diamond following the Libor scandal, plans to cut £1.7bn from annual expenses by the following year.

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

The bank is also restricting international travel to “essential” external meetings in an attempt to control its own expenses.