HSBC to close 69 more bank branches

HSBC has said it will shut 69 branches as it continues to close banks because of customers switching online.

The move, which could hit around 400 workers across the branches, is the latest in a flurry of closure announcements by the UK’s biggest banks.

In January last year, the bank announced 82 previous closures.

HSBC said that less than 50% of its customers now regularly use it branch network, with footfall dropping sharply over the past five years.

A spokesman for the bank added that it hopes to redeploy all 400 staff to new roles within 15 miles of their homes.

Jackie Uhi, head of HSBC UK’s branch network, said: “The way people bank is changing – something the pandemic has accelerated.

“Our branches continue to support people with their more complex banking needs, but the way we can do this has also evolved, with the addition of banking hubs, community pop ups and continued use of the Post Office network.

“Rather than a one-size-fits-all branch approach, it’s an approach built around the way different customers are choosing to bank in different areas.

“We know that the majority of our customers have a preference to do much of their day-to-day banking online or via mobile, so we’re removing locations where we have another branch nearby, and where there is a significant reduction in customers using face-to-face branch servicing.

“This will enable us to invest in locations where our customers are continuing to utilise the branch network, including updating technology and refurbishing branches.”

It said the move was part of a wider “transformation programme” which will see it launch community pop-ups, new self-service machines and digital support for customers.

The group will also refurbish branches in key locations, which it said will enable the bank to better support customers’ digital banking needs.