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HSBC set to close 27 more UK branches in 2020

By Caoimhe Toman

Date: Tuesday 25 Feb 2020

HSBC set to close 27 more UK branches in 2020

(Sharecast News) - HSBC expects another wave of closures in the UK with 27 branches confirmed for the cut as more customers turn to online and mobile banking.
The cuts will leave the total of UK outlets at 594 and includes the closures of branches such as Regent Street and Kensington High Street in London.

However, a spokesman said the move was not linked to the shake-up announced a week before, which involves plans to cut about 35,000 jobs worldwide.

Many of the big banks are closing branches as they transition to online banking and via mobile phones and as customers turn to simpler ways of carrying out their transactions that do not require going to the bank in person.

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."

According to the lender, nine out of 10 of its customers now complete their transactions via the telephone, internet or smartphone and 99% of cash withdrawals are made at an ATM.

"Retaining a sustainable branch network is extremely important to us and we need to ensure it is fit for the future," Stuart Haire, HSBC UK's head of retail banking and wealth management said.

The bank also reassured 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.

About 46 jobs at 10 branches were at risk but a spokesman for the company said: "We will be supporting them to apply for other roles within HSBC." Staff at the other 17 branches will be redeployed to nearby outlets."


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