Digital Transformation: HSBC to Close Down 69 Physical Bank Branch Locations

HSBC (NYSE: HSBC) recently confirmed the closure of 69 physical branch locations across its wider bank network in the United Kingdom, in a move that could impact 400 jobs.

In an official statement, the banking institution explained that the decision was taken as part of its “transformation” into how bank branches typically operate within various communities.

Jackie Uhi, Head of HSBC UK’s branch network, noted that the way people bank “is changing — something the pandemic has accelerated.”

Jackie added that their branches continue “to support people with their more complex banking needs, but the way [they] can do this has also evolved, with the addition of banking hubs, community pop ups and continued use of the Post Office network.”

Jackie also mentioned that “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.”

Less than 50% of the banking institution’s UK clients are now actively using its branch network, with the average footfall falling by more than 50% since 2017. This, according to  the management at HSBC.

The bank stated that it will aim to replace the impacted physical branches with various other banking services, such as new ATMs as well as pop-up banks.

HSBC also mentioned that there are presently no jobs being put at risk due to this announcement.

The bank clarified (in statements shared with Yahoo Finance UK) that they aim to “redeploy all affected colleagues to other roles within the bank.”

Recently, HSBC had more than doubled its annual profits to around $18.9 billion (appr £13.9 billion) and confirmed its intentions to re-acquire shares worth as much as $1 billion as the lender was assisted by lower bad loans and operating expenses.

Here is are some of the HSBC bank branches closing this year:

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.

To view the complete list, check here.



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