HSBC to close 27 more branches across UK this year
HSBC is closing 27 more branches this year, saying it “cannot ignore” the changes in the way people are doing their banking.
The cuts will reduce the total number of UK outlets to 594 and involve the closure of branches in some flagship locations, including Regent Street and Kensington High Street in London.
However, a spokesman said the move was not linked to the shake-up announced a week ago, which involves plans to cut about 35,000 jobs worldwide.
Many of the big banks have been slashing their networks, claiming customers are spurning traditional branch counter service in favour of banking online and via mobile phones. In January, Lloyds Banking Group said it would be closing 56 more branches this year, while in November 2019, TSB outlined plans to close 86 branches.
HSBC said its decision reflected “the long-term change in the way customers are banking, alongside the bank’s need to ensure a sustainable branch network for the future”.
It added that during the course of 2020 it would be investing almost £34m in its branches, including “refurbishing and refreshing” 49 sites to bring them up to date.
Over the past five years, the number of customers using HSBC UK branches has fallen by a third, said the spokesman.
About 46 jobs at 10 branches are at risk as a result of the decision, said the spokesman, adding: “We will be supporting them to apply for other roles within HSBC.” Staff at the other 17 branches will be redeployed to nearby outlets.
The confirmed list of HSBC branch closures
London Park Royal
Swindon Old Town
London Kensington High Street
Croydon Wellesley Road
London Regent Street
Cheltenham Bath Road
Coventry Corporation Street
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