HSBC to close another 62 branches this year

 
Shruti Tripathi Chopra
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HSBC Set To Axe Thousands Of Jobs And Rename UK High Street Branches
HMRC will close the branches this year (Source: Getty)

HSBC is set to close another 62 branches across the UK this year, the banking giant announced today.

This takes the total number of branches closing this year to 117.

The move marks the end of "HSBC's branch restructuring programme", Antonio Simoes, chief executive of the banking giant, said.

“We now feel we have the right branch network that complements the other ways in which customers now choose to interact with us. We will continue to invest for the benefit of our customers as we build HSBC UK, a better bank for our people and customers.”

The bank has closed 340 branches over the last two years. By the end of this year the bank will have 625 branches.

Earlier this month, HSBC chairman Douglas Flint told MPs the bank was considering moving 1,000 investment banking jobs to Paris before the end of the Article 50 process - this is so that HSBC doesn't suffer due to the current Brexit deal being negotiated.

Read more: HSBC boss: Jobs will be moving out of London to Paris

In November, the bank reported an 86 per cent slide in statutory pre-tax profits. The bank took one-off hits, including the disposal of its business in Brazil, which set it back $1.7bn.

Francesca McDonagh, HSBC head of retail banking and wealth management for UK and Europe, added:

“The decision to close these branches ensures a more sustainable branch network for the future as we continue to invest in our digital platforms and our people. We will have fewer but better branches, with more empowered front line colleagues using a greater range of technology to support all our customers' needs.

“Our priority now is to work with our colleagues, our customers and the communities impacted by today’s announcement. We are contacting customers to explain the decision and help them with alternative ways to bank with us. We will offer customers individual sessions to help explain their options or provide help in setting up telephone, mobile or internet banking.”

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