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Barclays to close 400 branches

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Barclays is considering closing a quarter of its 1,600 UK branches and cutting hundreds of investment banking jobs in an attempt to cut costs.

The bank will replace the 400 branches with smaller sites in Asda supermarkets, the Financial Times has reported.

Several hundred jobs are also expected to go at senior level in its investment banking business.

Last year, Barclays’ CEO Antony Jenkins announced at least 3,700 jobs would be cut to save the bank £1.7 billon.

Lloyds also makes cuts

The news comes as Lloyds Banking Group has also announced plans to axe 1,080 jobs and outsource more than 310 roles.

The cuts will come across the retail, risk, operations and commercial banking divisions. The bank said 90 new roles would be created as part of the overhaul.

In a statement, a Lloyds’ spokesman said: “The group’s policy is always to use natural turnover and to redeploy people wherever possible to retain their expertise and knowledge.”

The Unite union said it would oppose the job losses and had “sought an urgent meeting” to outline concerns.

Lloyds is 32.7% owned by the taxpayer