Mar 15, 2022
HSBC to close tenth of UK branches in favour of online offerings
HSBC is reducing its UK branch network by more than 10 per cent, citing rapidly declining footfall as the pandemic has accelerated the shift to digital banking. The closure of 69 of its 510 branches reflects a wider industry move away from expensive high street locations in favour of more popular and cost-effective online offerings. A number of London branches will close by the end of the year, and other cities affected will include Birmingham, Manchester and Bristol. Between 2012 and 2021, the number of UK bank branches fell from more than 11,300 to less than 7,000 according to the Office for National Statistics. In November, TSB announced it would close 70 branches in 2020, and said 90 per cent of transactions took place on digital channels last year, while branch-based Metro Bank announced its first closures in its annual results last month.
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