HSBC closing another 27 branches across the UK


HSBC has announced it will close 27 branches this year putting 50 jobs at risk.

The bank said that staff in 10 of the branches could face losing their jobs as HSBC stops operating from the sites.

However, workers at the remaining 17 sites will be moved to other branches.

The bank said it would invest nearly £34 million in its remaining branches, including refurbishing 49.

The closures will bring its total number of sites to 594.

The closures come after a detailed review of its network across the country, HSBC said in a statement, as nine in 10 contacts from customers to the bank now happen via the phone, the internet or smartphones. Ninety-nine per cent of cash withdrawals are made at cash points.

“Retaining a sustainable branch network is extremely important to us and we need to ensure it is fit for the future.

“But the way our customers bank with us has changed significantly over the last five to 10 years, and that change is something we cannot ignore,” said Stuart Haire, HSBC UK’s head of retail banking and wealth management.

Earlier this month HSBC said its global headcount would be reduced by 35,000 over the next three years. This would include “meaningful” cuts in the UK, where it employs 40,000 people.

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