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HSBC to shutter 69 branches

HSBC to shutter 69 branches

HSBC is to shut a further 69 branches, leaving 400 front-line jobs at risk.

The UK bank says the shift towards online and mobile banking has resulted in a 50% decline in footfall since 2017, with the pandemic accelerating the trend.

The closures will leave the bank with a network of just 441 branches, only 96 of which will offer a full range of banking services.

Jackie Uhi, head of HSBC UK’s branch network, says: “The way people bank is changing - something the pandemic has accelerated. Our branches continue to support people with their more complex banking needs, but the way we can do this has also evolved, with the addition of banking hubs, community pop ups and continued use of the Post Office network. Rather than a one-size fits all branch approach, it’s an approach built around the way different customers are choosing to bank in different areas."

She says that fewer than 50% of the bank's customers now actively use the branch to meet their financial needs.

“We know that the majority of our customers have a preference to do much of their day-to-day banking online or via mobile, so we’re removing locations where we have another branch nearby, and where there is a significant reduction in customers using face-to-face branch servicing," says Uhi. "This will enable us to invest in locations where our customers are continuing to utilise the branch network, including updating technology and refurbishing branches.”

The bank says it intends to redeploy staff affected by the latest closures to other roles where possible.

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