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Barclays to close dozens of branches across the country this autumn

Barclays branches

Barclays has decided to close down 30 branches in October and November

With lesser number of people visiting banks, the high street banks are cutting down on their branches across the UK. As the Internet and mobile phones play increasingly vital role in banking, the number of people visiting the banks is on sharp decline. Due to historic low interest rates, profit is a major concern for the high street banks which is driving closures of the branches across the country.

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Lloyds Bank is closing 100 high street branches, with more than 400 job losses

Lloyds Bank

The Lloyds bank will be closing high street branches as it faces changed customer behaviour

One of the most reputed and high street banks, the Lloyds bank is getting ready to face the challenge of changing customer behaviour, as the new reality in banking. The bank has decided to respond to the fall in the number of transactions at its outlets by reducing the number of outlets.

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HSBC to close another 62 branches this year

HSBC

HSBC will focus on digital banking, close down 62 branches this year

The Hongkong Shanghai Banking Corporation or HSBC, one of the leading banking service providers globally, has decided on economic measures as it prepares itself more for digital banking. It is going to make digital banking a priority over the traditional form. An increasing number of customers are taking to the electronic format of banking recently, which has forced the bank to cut down on physical banking. As a result, the London-based bank will close down a number of its branches across the country and focus on the digital mode.

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RBS to close 158 branches and put 472 jobs on the line, as more and more people shift towards digital banking

RBS

RBS to close a number of UK branches, to focus on digital banking

The Royal Bank of Scotland or RBS, one of the four high street banks and clearing agents in the UK, has decided to change the way it offers services. The bank has decided to overhaul its functioning and make digital banking a priority for itself. It is closing down a number of branches as it sees red for the ninth consecutive year. Precisely, it will close down 158 branches across the UK and focus on electronic mode of banking. The majority of the branches that the bank will close are Natwest branches. Most branches will be shut down in September or October.

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Analyst reactions to Barclays second quarter earnings: “This is a perplexing set of results”

PPI and Barclays

Analysts perplexed at Barclays performance in the second quarter

The sale of Africa business of Barclays and the PPI has caused Barclays slid to a £1.4bn attributable loss. The bank has significantly downgraded its Africa business and currently has just 15% stake in the operations. The bank now intends to concentrate on its core strategy of transatlantic market and the bank’s operations will be managed from the US and the UK. The group also faces PPI mis-selling for which for which it will compensate its customers. The bank has reported half-year pre-tax profit of £2.3bn which does not include the impact of the Africa sale. The figures fall below analyst expectations of £2.7bn.

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Banks

Barclays suffers £1.2bn loss for first half of the year and sets aside additional £700m for PPI

Barclays suffers

Barclays has reported £1.2bn loss for the first half of the year which includes the sale of its Africa business

Primarily due to the sale of its Africa business, Barclays has reported a £1.2bn loss for the first half of the year. The sell-off is according to the strategy followed by Barclays to focus on transatlantic operations and centre its business activities on the US and the UK. On the same lines, the group is also centring its activities on its core business and moving out business which is considered non-core.

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Banks

Tighter EU curbs urged on winding down banks

Tighter EU

Europe’s top official in charge of winding down failed banks has urged the EU to tighten restrictions on when governments can pump money into stricken lenders, in response to recent cases in Italy where senior bondholders were spared losses.

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Banks

One Bank CEO’s Rx for Deregulation

Morgan Stanley

On Wall Street, the Dodd-Frank banking rules are about as popular as Alec Baldwin at a Donald Trump rally. But when we asked Morgan Stanley CEO James P. Gorman how he would revamp financial regulations, he surprised us.

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