MIDDLETON-IN-TEESDALE - The small town of Middleton-in-Teesdale is grappling with the recent closure of its Barclays branch, which occurred last Friday. This move has left residents with a single ATM and necessitates a 20-mile journey to Barnard Castle for any in-person banking services. The shutdown is part of a broader shift towards digital banking, with a significant majority of Barclays' customers—79% in 2021—opting for online or mobile app services.
The absence of the local branch is felt acutely among various community members. Business owners like Alastair McFarlane are now facing increased costs associated with transitioning to cashless operations. Additionally, the elderly population is struggling to adapt to the new digital banking methods.
To mitigate the impact, twice-weekly support sessions will be provided by UTASS, although these will not include cash-handling services. Emma Spry has highlighted challenges with phone support, noting longer wait times since the bank reduced service hours.
The community's sense of being overlooked is compounded by the loss of both their Post Office and now their bank. In response to these closures, there are plans to introduce a "Barclays Local" initiative in Middleton-in-Teesdale that promises to offer cashless banking support. However, the specifics regarding its location have yet to be determined, leaving residents in a state of uncertainty about their future banking options.
InvestingPro Insights
In the context of Barclays' recent branch closures, it's worth noting that the bank has been performing well in the market. According to InvestingPro data, Barclays' market capitalization stands at a robust 26756.11M USD, and the company has been profitable over the last twelve months as of Q3 2023.
In terms of performance metrics, Barclays has a low Price/Earnings (P/E) ratio of 4.1, which suggests that the shares are undervalued. Moreover, the bank has seen a revenue growth of 0.55% in the last twelve months as of Q3 2023, and a quarterly revenue growth of 4.58% in Q3 2023.
InvestingPro Tips shed further light on Barclays' financial health. The bank has raised its dividend for three consecutive years, indicating a stable financial position. Furthermore, it's trading at a low Price/Book multiple and a low earnings multiple, which are both signs of potential investment value.
For those interested in more insights like these, InvestingPro offers a wealth of information and tips for various companies, including Barclays. Currently, InvestingPro has eight additional tips for Barclays alone. And the good news is, an InvestingPro subscription is now on a special Black Friday sale with a discount of up to 55%. This could be an opportune time for potential investors to gain access to valuable data and tips that can guide their investment decisions.
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