HSBC plans to close 62 branches this year, resulting in up to 180 job losses, in response to the rising popularity of online and mobile banking, the bank announced on Tuesday.
In a statement, HSBC said that over the past five years, the number of customers using HSBC branches had fallen by almost 40 per cent and 93 per cent of customers’ contact with the bank is now done on the telephone, internet or via smartphone. A total of 97 per cent of cash withdrawals are made via an ATM.
“The way our customers bank with us is changing," said Francesca McDonagh, HSBC head of retail banking and wealth management for UK and Europe.
The bank said that it had no intention of closing any further branches in 2017 and that this marks the end of its branch restructuring programme. The latest closures will bring the number of branches it has in the UK to 625. Shares were around 0.6 per cent higher on the day after the news.
HSBC has closed more than a quarter of its UK branches over the last two years, more than any of the other big high street lenders since the start of 2015, according to research by consumer group Which? published in December.
The Which? also showed that high street banks in total had closed more than 1,000 branches over that two-year period.
Douglas Flint, the chairman of HSBC, earlier this month, told MPs the bank was considering moving 1,000 investment banking jobs to Paris before the end of the Article 50 process, quantifying some of the aftershocks for the UK after Brexit.
Here's the list of the 62 new HSBC branch closures:
ALFRETON
ALNWICK
AMMANFORD
BALSALL COMMON
BEDWORTH
BLACKPOOL, BIRLEY STREET
BLETCHLEY
BRIGG
BRISTOL COLLEGE GREEN
BROMPTON ROAD
CARDIFF, CHURCHILL WAY
CARLISLE, KINGSTOWN ROAD
CARTERTON
CASTLE BROMWICH
CASTLE DONINGTON
CHASE TERRACE
CHESHAM
CHIPPING NORTON
COBHAM
CONSETT
COSHAM
EASINGWOLD
FERNDOWN
FINCHLEY CHURCH END
FISHGUARD
GERRARDS CROSS
HASLEMERE
HEDON
HEMSWORTH
HOLYHEAD
HOLYWELL
HORNCASTLE
KESWICK
KIDLINGTON
KIRKBYMOORSIDE
KNIGHTON
LEYBURN
LLANRWST
LUDLOW
MAESTEG
MANCHESTER UNIVERSITY
MARLBOROUGH
MIDSOMER NORTON
NARBERTH
NEWQUAY
REDRUTH
RICKMANSWORTH
SHAFTESBURY AVENUE
STOKESLEY
SWINTON
SYSTON
TEAM VALLEY
THORNE
TOTTON
WARMINSTER
WARWICK
WATH UPON DEARNE
WEMBLEY PARK
WEST BYFLEET
WILLENHALL
WOOD GREEN
WORLE
