Barclays to close 54 branches across the UK by the end of the year

BARCLAYS has confirmed plans to close a further 54 branches this year, bringing the total number of closures to 63.

A spokesperson for the bank said that in order to stay relevant it "will continue to evolve the shape and size of our branch network, as well as improving and investing in the experience in-branch."

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The bank added that the closures should not result in job losses. 

“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 spokesperson said.

The bank, along with other British lenders, is cutting back its network as customers turn to mobile banking.

According to a research by consumer body Which? high street banks have closed more than 1,000 branches across the UK between January 2015 and January 2017, with HSBC as the worst offender.

The UK banking giant earlier this year announced it will close 62 branches, bringing the total number of HSBC branches in the country to 625.

It justified the closures by saying the number of visits to branches had fallen on average 40 per cent in the past five years as customers moved to banking online.

In March, RBS also announced it plans to close about 180 branches in Britain and Ireland and about 1,000 roles were at risk at the state-controlled lender

Lloyds Bank in April also confirmed the closure of 100 branches across the UK by the end of October with the loss of 325 jobs.

The latest round of bank branch closures, which are targeted at reducing costs, have raised concerns among small businesses as well as individuals in Britain.

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"At a time of unprecedented uncertainty, the last thing small businesses need is (the) loss of in-person bank branch support," Mike Cherry, Federation of Small Businesses (FSB) National Chairman, told Reuters.

"When times are tough, there's no replacement for help from a known and trusted bank branch contact."

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