Barclays CEO Vows No More Branch Closures Through End of Current and Following Year
Fresh Take:
Barclays CEO, Venkat, promised no more branch closures until 2026, soothing worries about its shrinking High Street presence. However, the bank hasn't ruled out future closures altogether. Critics argue that the shift to digital banking risks isolating older and vulnerable customers [1].
At the AGM, probed about future plans, Venkat stated, "We don't have any plans to announce further branch closures in 2025 or 2026." For the next few years, the bank is focusing on how its current strategy plays out [2].
The assurance arrives after HSBC and Nationwide pledged to keep their branches open until 2026 and 2028, respectively.
Pro-Palestine protesters disrupted the meeting, criticizing Barclays for lending to defense firms supplying Israel [4]. Despite the backlash, one shareholder defended the bank, stating that the demonstrators' views were not shared by all.
In response, the bank chairman declared, "We abhor the human suffering on all sides in the conflict in the Middle East. We are not arbiters of foreign policy... we take the lead set by our government."
Barclays profits saw a 19% rise in Q1, but they warned of a slowdown in dealmaking and lending due to tariff uncertainty [5]. The bank shares fell 0.7% following the announcement.
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Enrichment Data:
- There is no publicly available information regarding Barclays' branch closure plans beyond 2026.
- As of now, no official plans or statements have been released about specific branch closure strategies for Barclays after 2026.
Insights:
- Pro-Palestine protesters demonstrated outside Barclays' AGM, voicing concerns over the bank's lending to defense firms that supply Israel.
- Barclays has faced backlash, including vandalism of branches, for supporting defense companies supplying Israel.
- Barclays shares fell 0.7% following the quarterly profits announcement.
- Venkat, the CEO of Barclays, assured no more branch closures will occur until 2026, but future closures beyond that date are not necessarily ruled out.
- The focus of Barclays for the next few years is on how its current strategy plays out, as no plans for branch closures in 2025 or 2026 have been announced.
- In the realm of finance and business, individual investors might find insightful resources like the guide on choosing the best and cheapest stocks and shares Isa, contributing to personal-finance management.
- In addition to branch closures, the banking sector, including Barclays, faces challenges such as the shift to digital banking and potential impacts of tariff uncertainty, which could affect investing strategies.
- Although Barclays has experienced a 19% rise in Q1 profits, the bank warned of a possible slowdown in dealmaking and lending due to further tariff uncertainties.
- Criticisms against Barclays include its lending to defense firms supplying Israel, a matter that highlighted concerns about the bank's involvement in potential human suffering in the Middle East, as per the bank chairman's declaration.
