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Barclays cuts jobs ahead of publication of annual results

A spokesman for Barclays declined to comment on the plans, which were leaked to sister paper the Financial Times, but said it would not be closing branches nationwide.

Iona Bain

A spokesman for Barclays declined to comment on the plans, which were leaked to sister paper the Financial Times, but said it would not be closing branches nationwide.

It is understood that the redundancies will be targeted at the most senior levels in offices based in London and New York in a major cost-cutting exercise.

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The plans come less than a year after Barclays announced 3700 layoffs across the entire business.

This follows news last week that Lloyds Banking Group was making 1080 employees redundant in line with the 15,000 job cuts previously set out in the bank’s 2011 strategic review.

Last year, Barclays launched a pilot scheme to put smaller outlets in Asda supermarkets. There were eight supermarkets across the UK involved. When asked if this scheme were to be extended, the spokesman refused to comment.

The news precedes the publication of Barclays annual results on 11 February.

A statement from the bank said: “We have no plans to announce significant reductions to our UK branch network. We have consistently been clear that, over time, there will be fewer traditional branches as we move to provide banking services to customers where and when they find it most convenient.

“However, the branch network will remain an important part of our banking service and we will never leave a community without the ability to transact.”

Adviser view

Mark Osland, director of London-based Formula, said: “It would be useful to have branches in Asda to deposit money, which is the only real purpose of bank branches anymore.

“But banks are coming under huge pressure because the ways they’ve historically made money have come under attack and so many people use online banking now.”