HSBC to close 82 UK branches; revamps network for digital age
HSBC to close 82 UK branches; revamps network for digital age
HSBC will close 82 branches in the UK this year as the Covid-19 pandemic accelerates the trend away from in-person banking and towards digital channels.
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Banking giant HSBC to close 69 branches in the UK as part of sweeping shift to online banking
HSBC has announced it will close 69 bank branches as part of a shift to online banking, affecting about 400 employees.
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Banking giant HSBC will close 69 of its UK bank branches in a move to online banking, it was announced today.
The British multinational has announced that it will close stores starting in July. The move is expected to affect the jobs of around 400 employees – although HSBC said it aimed to redeploy those affected.
Company bosses say they will try to replace affected branches with other banking services, such as new ATMs and pop-up banks.
It will also maintain a network of more than 440 branches and will not close the branch that is the last bank in town.
However, the move is expected to increase the average distance customers travel for in-person service to about four miles.
HSBC is the latest company to announce branch closures, a move it said was in response to an “accelerated” shift to online banking amid the Covid-19 pandemic.
Jackie Uhi, head of HSBC UK branch network, said: “The way people bank is changing – and the pandemic has accelerated that.
HSBC announces it will close 69 bank branches as part of a shift to online banking, affecting around 400 employees
What does HSBC keep? HSBC UK will have a branch network of 441 branches in three forms: 96 full-service branches: offering a full range of services, mainly in towns and cities. 172 Cash Services Branches: Supports more cash-intensive, cash-intensive local communities, while providing easy over-the-counter operations to handle more complex issues such as bereavement and power of attorney. 173 Digital service outlets: Counterless outlets that use self-service technology to provide “traditional” cash and check transactions
“Our branches continue to support people with more complex banking needs, but the way we are able to do this is also evolving, with the addition of banking hubs, community pop-ups and continued use of the post office network.
“It’s not a one-size-fits-all approach for all branches, but an approach based on how different customers choose to bank in different regions.”
The Birmingham-based bank, which has 7,500 branches in more than 80 countries around the world, said the move was due to an “acceleration” of customers using online banking.
It said less than 50% of its bank’s customers were now “actively using” the branch network, with the average number of customers falling by more than 50%
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