UK's banking giant, Barclays is planning to close a quarter of its branches and cut hundreds of jobs in the investment banking division in the United Kingdom.

The banking giant, which is controlled by the British government, has said that it is planning to open branches in Asda stores under a new pilot project while closing nearby outlets. The new job cuts will be above the 3,700 layoffs announced in the previous year. Following the pilot project, the bank will replace about 400 branches with smaller outlets in Asda supermarkets.

The bank indicated that the staff will transfer from their current branches to the in-store branch and work their usual working hours. The bank will only offer automated service during the extended Asda opening hours on weekdays. Steve Cooper, head of Barclays retail bank said that it is the beginning of a series of new initiatives that the bank will adopt in the coming few years. Barclays boss Antony Jenkins has said that the bank is looking to use more technology in its branches.

Jenkins will also release new five-year financial targets when the bank releases its annual results next month.

Source: Top News