Barclays denies plans to axe 400 branches

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Barclays has denied reports it is set to close up to 400 branches as it looks to cut hundreds of jobs in its investment banking division.

It was reported earlier today the bank was looking to close a quarter of its high street branches over the next five years as customers increasingly access their services digitally.

But a spokesman for the bank said while technology will play an important role in its future, there were no plans to "announce significant reductions to our branch network".

Although he did admit "there will be fewer traditional branches as we move to provide banking services to customers where and when they find it most convenient".

However, he was keen to reassure customers that "the branch network will remain an important part of our banking service and we will never leave a community without the ability to transact".

The bank announced in November it would be closing four branches and moving staff to Asda supermarkets from February in a pilot scheme. If successful, a further four stores could follow suit, opening seven days a week during the supermarkets' opening hours.

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