Less than two weeks after announcing its
retreat
from the Russian retail banking market, Barclays is planning to
slash its Spanish branch network by closing almost 1 in 5
branches.
Just two years after opening 98 branches
across Spain, Barclays – the largest international lender in Spain
– will now axe 100 of its 590-strong branch network in the
country and reduce its work force by 16% to about 3,700
employees.
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In 2010, Barclays expanded its Western
European branch network by 8% to 1,363 units.
Barclays’ Western Europe retail banking unit
plunged to a loss of £139m in the 12 months to 31 December compared
with a profit before tax of £280m in 2009.
A spokesperson for Barclays told RBI
that the bank would not comment.
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