8.6 C
New York
Thursday, February 29, 2024
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. 

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

Recent posts

Payment Technology Trends Shaping 2024 and Beyond

In commerce, staying ahead means understanding and implementing the latest in payment technology trends.  As we edge toward 2024...

The Future of Digital Payments: Exploring PayPal Alternatives

PayPal has been a major force in digital payments since its debut in 1998, leading the charge in online financial interactions. However,...

2024’s Financial Innovators: A New Era of Banking Startups 

In the wake of the COVID-19 pandemic, our world witnessed an unprecedented shift towards digitalization. The banking industry, in particular, has been...

Nubank: Supercharged Banking and Predicted to Soar Beyond $100 Billion

In this blog, we will explore two exciting developments that have everyone talking about Nubank: its potential for exponential growth in share value and its remarkable expansion to serve more than 90 million customers across Latin America.