Finance & Economics

Barclays Bank to Trim More Branches

Barclays Bank continues to actively implement a policy of abandoning the use of traditional branches.

Barclays Bank to Trim More Branches

Source: Pixabay.com

The financial institution announced that 14 branches will be closed in the near future. These offices will cease to function in addition to the 55 branches, the closure of which was announced earlier.

Last year, this British financial institution decided to close 178 branches. In January of this year, the bank announced the continuation of the practice of abandoning the traditional offices of its physical network. The lender started closing branches back in 2015. The total number of offices of a financial institution that have stopped working, as of the end of 2023, should be 1,029 units.

Barclays adheres to the concept of maintaining a high level of presence in the financial system in the face of a decrease in the number of client branches. Currently, the financial institution is focused on opening semi-permanent branches in places with high attendance, including shopping centers and retail sites. These service points are in addition to 200 Barclays Local outreach agencies operating in public institutions such as town halls and libraries.

The representative of the bank said that in conditions of a decrease in the level of customer visits to traditional branches, there is a need to adapt to new realities in order to maintain an acceptable quality of service. An employee of a financial institution stated that in those places where the level of demand is not sufficient for the functioning of a branch, the lender provides a personal presence through the local Barclays network, numbering more than 200 points, including libraries, town halls, and mobile vans.

Barclays is one of the oldest banks in the UK. The financial institution was founded in 1690. The bank’s headquarters are located in London. As of 2020, the assets of the financial institution amounted to 1.3 trillion pounds.

As we have reported earlier, Barclays to Buy Stake in a Crypto Company.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.