HSBC to Close 82 UK Branches This Year as It Focuses on Digital Options
20 January 2021 - 12:23AM
Dow Jones News
By Sabela Ojea
HSBC Holdings PLC said Tuesday that HSBC UK will close 82
branches in 2021 as it modifies its branch network amid evolving
local market trends, customer behavior and branch usage.
The U.K. lender said the closures will reduce the total number
of branches in the U.K. to 511, as it focuses on digital
options.
The number of customers using its branches has fallen by a third
in the last five years, HSBC said.
"In terms of jobs, we are looking to redeploy all
customer-service colleagues who are impacted by these branch
closures," a spokesman for the bank said.
HSBC's network will evolve toward the creation of four distinct
branch formats, which will include a full service branch and a cash
service branch, as well as a digital service branch and a pop up
branch, the company said.
Shares at 1239 GMT were up 6.90 pence, or 1.7%, at 409.90
pence.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
January 19, 2021 08:08 ET (13:08 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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