Jan 24, 2017

HSBC signals end to UK branch closure programme

HSBC is shutting 62 branches with the loss of up to 180 jobs in a final round of network cuts that signal the end of a restructuring programme in the UK. The bank, which cut 800 IT positions last year, is axing 200 more this year as part of a cost-reduction plan announced in mid-2015 by Stuart Gulliver, the chief executive. Mr Simoes said: "By the end of 2017 we'll have 625 branches; I feel this is the right size of network to complement our online and mobile channels." The bank would attempt to redeploy staff affected by the cuts across other parts of the business. The closures come as the UK's largest high street banks shrink their branch networks to reduce costs and in response to the wider use of digital services. Francesca McDonagh, head of retail banking and wealth management for UK and Europe at HSBC, said the bank is contacting customers to "Help them with alternative ways to bank with us". Last year, HSBC and its online bank First Direct launched voice recognition and touch security to replace traditional passwords for millions of people in the UK, as part of an industry-wide shift towards biometric banking.

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