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HSBC to close 114 banks in Britain from April 2023

By Nagasunder in UK Business News, posted December 1, 2022

HSBC plans to close more than 100 banks next year due to a massive drop in customers.

From April, the banking giant will close 114 branches across the UK.

The banking giant says it is investing tens of millions of pounds in updating and improving its remaining branches network, which will be reduced to 327 after the latest round of closures.

The number of customers using branches has dropped so dramatically since the Covid pandemic that some of the branches serve fewer than 250 people per week, according to HSBC.

Alternatively, since 2017, usage of its mobile app has nearly tripled, with the vast majority of transactions completed digitally.

Jackie Uhi, HSBC UK’s managing director of UK distribution, said: "People are changing the way they bank and footfall in many branches is at an all-time low, with no signs of it returning. Banking remotely is becoming the norm for the vast majority of us.

"The decision to close a branch is never easy or taken lightly, especially if we are the last branch in an area, so we’ve invested heavily in our ‘post-closure’ strategy, including providing free tablet devices to selected branch customers who do not already have a device to bank digitally, alongside one-to-one coaching to help them migrate to digital banking."

Around 100 employees may depart the bank as a result of the proposals, according to HSBC.

The group emphasized that it hoped to reassign all of its workers working in the impacted branches to other positions at HSBC, either in other branches or in alternative positions.

It anticipates that about 100 employees may quit the branches that will closure, but it aims to meet with every person there.

Source: Business Live

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