HSBC to shut 69 branches as shift to online banking takes further toll

HSBC is to close 69 branches across the UK, affecting around 400 staff, as customers shift to online and mobile banking.

The lender said that fewer than 50% of the its customers now actively use its branch network, with the average footfall declining over 50% since 2017.

HSBC said the shift towards online and mobile banking had accelerated since the start of the pandemic.

It follows the announcement in January last year of 82 branch closures for similar reasons.

HSBC said that it hoped to redeploy staff affected by the latest announcements to other roles within the bank.

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The lender will be left with 441 UK branches after the closures, it said, though only 96 offering a full range of services – mainly based on large cities and towns.

There will also be 172 cash service branches, offering access to cash alongside basic counter services as well as dealing with some other more complex issues, plus 173 counterless digital service branches using self-service technology.

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HSBC said none of the planned closures were the last bank in town.

Jackie Uhi, head of HSBC UK’s branch network, said: “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.

“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.”