8.6 C
New York
Sunday, February 28, 2021
Home Industry HSBC to close 27 more branches this year!

HSBC to close 27 more branches this year!

HSBC is to shut 27 branches this year putting almost 50 jobs at risk. The bank, which announced last week it would cut 35,000 jobs around the world, including “meaningful” reductions in the UK, said it would invest almost £34m in its remaining network of 594 branches, 49 of which are to be refurbished this year.

Over the past five years, Europe’s biggest bank, which has a market value of £120bn, says that the number of customers using its branches has fallen by a third. Some nine in ten customers’ contact with the bank is now completed via the phone, internet or mobile phone and 99% of cash withdrawals are made at an ATM.

Related: UK’s most valuable fintech startup? Revolut!

Stuart Haire, head, retail banking and wealth management, UK, HSBC, says: “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 customer’s bank with us has changed significantly over the last five to ten years, and that change is something we cannot ignore.”


Stuart Haire – Head of RBWM, UK – HSBC

The first closures will be made in early July, with branches in London, Bristol, Swindon and Leigh-on-Sea set to be axed. Customers will be able to use their local Post Office to access their bank accounts.

Related: N26 shuts down in the UK! Brexit is to blame

Earlier this month HSBC said its global headcount would be reduced by 35,000 over the next three years. 

Avatar
Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

Starling Bank aims to hold 18% of the SME market

The digital bank Starling announced a plan in which it is going to hold 18% of the SME banking market in five years, Insider reported.

TransferWise gets rebranded as ‘Wise’

The rebranded company Wise drops the part Transfer as a signal of moving on from the money-transfer focus of the company.

Revolut about to increase fees and cut number of free trades

Revolut introduced additional fees on its free plan and trading on the Revolut platform will also become more expensive.

Exclusive: An interview with Michael Schweikart, a co-founder of the sustainable banking provider Tomorrow

Tomorrow is a social business FinTech company and a neobank, that was started in 2018 by founders Inas Nureldin, Jakob Berndt, and Michael Schweikart with a vision to use money as a lever for positive change. Since its launch in 2018, the company has 50+ employees and 55,000+ customers.