HSBC to shut 69 bank branches with 400 jobs affected
HSBC (HSBA.L) has announced the closure of 69 branches across its wider bank network in the UK, in a move that will affect 400 jobs.
In a statement, the bank confirmed the decision was taken as part of its “transformation” into how branches operate within individual communities.
Jackie Uhi, head of HSBC UK’s branch network, said: “The way people bank is changing — something the pandemic has accelerated.
Read more: HSBC boosts bonuses to £2.6bn as annual profits double
“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.”
Under 50% of the bank’s UK customers now actively use its branch network, with the average footfall declining over 50% since 2017, according to the HSBC.
The bank said it would try to replace the affected branches with other banking services, like new ATMs and pop-up banks.
HSBC added that there are no jobs being put at risk as a result of this announcement. "We aim to redeploy all affected colleagues to other roles within the bank," HSBC told Yahoo Finance UK.
Read more: NatWest pays £298m in bonuses as it closes 32 branches
HSBC recently more than doubled its annual profits to $18.9bn (£13.9bn) and announced plans to repurchase shares worth up to $1bn as the lender was helped by lower bad loans and operating expenses.
Full list of HSBC bank branches closing in 2022
City of London
Westfield Stratford City
New Bond Street
Cambridge, Hills Road
Moorgate
Angel Islington
Gloucester Road
Monmouth
Perth Hammersmith
Merry Hill
Woking
East Grinstead
Peckham
Farnham
Beaconsfield
Street
Lymington
Sidcup
Thame
Hoddesdon
Brimingham, Harborne
Londonderry
Uckfield
Leyland
Omagh
Boreham & Elstree
Golders Green
Stowmarket
Eltham
Wellingborough
Amserham-on-the-Hill
Bishop Auckland
Ashby-de-la-Zouch
Woodbridge
Thornbury
New Malden
Hartlepool
Keynsham
Pinner
Dewsbury
Barking
Newmarket
Billericay
Beckenham
Sidmouth
Burgess Hill
Daentry
Nottingham, West Bridgford
Ellesmere Port
Strood
St Annes-on-Sea
Ringwood
Pontefract
Ilkeston
Petersfield
Whitehaven
Hampstead, High Street
Inverness
Wandsworth
Manchester, Didsbury
Bristol, Whiteladies Road
Shirley
Herne Bay
Manchester, Trafford Park
Cardiff, Canton
Falmouth
Bootle
Kingston
*Correction: This story has been amended to reflect that jobs are affected but not at risk.