HSBC to Close Quarter of UK Branches in 2023
01 December 2022 - 12:18AM
Dow Jones News
By Michael Susin
HSBC Holdings PLC said Wednesday that it will close 114 branches
in the U.K. from April as it shifts toward digital banking.
The lender said the decision follows a change in customer habits
as use of its branch network has seen a fall of 65% over the past
five years, which accelerated since the Covid-19 pandemic. The
footfall in most of the closing branches reduced by at least 50%,
it said.
Following the closures, HSBC U.K. will have a network of 327
branches, it said.
"Banking remotely is becoming the norm for the vast majority of
us. Not only can we do it anywhere at any time of day or night,
many more things can be done at the customers' convenience and
don't rely on a branch visit," Managing Director of U.K.
distribution Jackie Uhi said.
The company, however, didn't disclose how many staff are
affected by the decision.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
November 30, 2022 08:03 ET (13:03 GMT)
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