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Barclays denies it is to close 400 branches

Barclays has denied it is planning a "significant reduction" to its UK branches, amid reports they were planning to close 400 of its 1,600 sites. But the bank did admit there will be fewer traditional branches in the future.

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Barclays bank to close a quarter of its branches

Barclays chief executive Antony Jenkins will next month take an axe to the cost structure of the bank, promising to close a quarter of its 1,600 branches in the UK and cutting hundreds of investment banking jobs, as he outlines five-year targets.

Barclays bank is to close a quarter of its branches. Credit: Dominic Lipinski/PA Wire/Press Association Images

The closures illustrate the bank's increasing view of technology offering improvements in customer care while cutting costs, according to analysts cited by the Financial Times (£).

The bank is to replace some of its 400 branches with smaller units in Asda Supermarkets.

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