Home Business NewsBusinessBanking News HSBC plans to axe 114 UK branches and around 100 jobs could be at risk

HSBC plans to axe 114 UK branches and around 100 jobs could be at risk

by LLB Finance Reporter
30th Nov 22 4:29 pm

HSBC have announced they are planning to close 114 UK branches which will affect around 100 jobs from April next year.

HSBC said that they have seen a decline with their customers coming into their banks the past five years and they said that some branches serve less than 250 customers a month.

They are hoping to be able to redeploy all their workers to other roles or to other branches.

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.

“Branches will continue to play an important role in day-to-day banking, while providing specialist face-to-face support in moments that matter.

“In addition to our branch network, customers can access services through the Post Office network, our community pop-ups and soon-to-come banking hubs, alongside Live Chat, social media and through telephone banking.

“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.”

Rocio Concha, Which? director of policy and advocacy, said, “The decision by HSBC to close a quarter of its bank branch network, after already shutting more than 600 sites since 2015, risks further cutting adrift those who rely on cash – whether it’s to pay everyday essentials or increasingly to manage their finances during the cost-of-living crisis.

“While proposals put forward by the banking industry to offer alternative access to cash could have an important role to play, what’s needed most is long-awaited legislation to guarantee access to cash, giving the Financial Conduct Authority the powers to oversee the cash system.

“What is currently missing from the legislation is a requirement that access to cash is free. MPs should vote to support a cross-party amendment to the Financial Services and Markets Bill to ensure a minimum level of access to free cash for those who use it, including people on low incomes who will struggle to pay to access their own money.”

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