Barclays announces closure of 54 UK branches

Barclays has announced that in a further effort to cut costs it will be closing around 54 branches before the end of the year, reducing much needed access to services for customers across the UK.

As customers turn to mobile banking in droves, Barclays, along with other British lenders continue to cut back traditional brick and mortar branches to give more attention to the digital market.

The Royal Bank of Scotland announced in March it would be closing 180 branches in the UK and Ireland, leaving 1,000 jobs at risk, and in April Lloyds said it would close a further 100 branches, resulting in the loss of over 325 jobs.

With the number of branches having already been halved over the last two decades, the continued closures are seen disproportionately affecting low-income areas - where they are needed most.

"The number of physical Barclays branches will reduce overall but our branch network and the colleagues who work in them remain a vital part of our offering," a Barclays spokeswoman said in an email to Reuters.

She also noted that the closures "should not" result in any job losses, with employees set to be retrenched from the affected branches.

The announcement did little to affect the bank's stock, with the share price steady at 200.47p as of 1610 BST, down just 0.19% from the opening bell.