Barclays is set to close a quarter of its 1,700 branches in Britain and cut hundreds of jobs in its investment banking division, media reported on Wednesday.
The bank declined to comment on the reports, which also said the lender plans to replace some of the branches it closes with smaller sites in Asda supermarkets.
Analysts said the move reflected efforts to boost profitability in the face of tougher banking regulations and also the growing trend in offering banking services online rather than at physical outlets.
Chief executive Antony Jenkins is expected to unveil new five-year financial targets in March.
Barclays, a staple of every British high street, slashed 3,700 jobs early last year, and has been buffeted by the Libor rate fixing scandal as well as the row over banker pay.
Barclays is set to close a quarter of its 1,700 branches in Britain and cut hundreds of jobs in its investment banking division, media reported on Wednesday.
The bank declined to comment on the reports, which also said the lender plans to replace some of the branches it closes with smaller sites in Asda supermarkets.
Analysts said the move reflected efforts to boost profitability in the face of tougher banking regulations and also the growing trend in offering banking services online rather than at physical outlets.
Chief executive Antony Jenkins is expected to unveil new five-year financial targets in March.
Barclays, a staple of every British high street, slashed 3,700 jobs early last year, and has been buffeted by the Libor rate fixing scandal as well as the row over banker pay.
