Here’s why the banks are closing…
HSBC is set to close 62 branches this year, its blaming the increase of customers using online banking rather than their local firms.
A huge 180 roles will be lost as well as another 204 in IT jobs are at risk.
By the end of the year the bank will only have 625 branches, this means the company has slashed more than half of its high-street presence since June 2011.
The decision to cut HSBC’s branches came after the chief executive, Stuart Gulliver said he wanted to streamline the bank and cut 25,000 jobs globally.
António Simões, head of HSBC’s UK banking arm, said: “This marks the end of our branch restructuring programme. We now feel we have the right branch network that complements the other ways in which customers now choose to interact with us. We will continue to invest for the benefit of our customers as we build HSBC UK, a better bank for our people and customers.”
The bank said more than 90 per cent of its customers were through digital channels, this is up from 80 per cent last year.