HSBC Slashes UK Branches as Online Banking Surges
HSBC has announced plans to shut a slew of UK branches, axing around 100 jobs despite efforts to redeploy some staff. The move reflects a sharp rise in online banking as foot traffic in branches plunges to record lows.
Branch Closures Continue Amid Digital Shift
Following other banks’ footsteps, HSBC is closing dozens more branches. The lender will invest tens of millions to upgrade the remaining 327 branches, aiming to provide a better in-person experience for customers who still visit.
Jackie Uhi, HSBC’s Managing Director of UK distribution, said: “People are changing the way they bank and footfall in many branches is at an all-time low, with no signs of it returning. Banking remotely is becoming the norm for the vast majority of us.”
“The decision to close a branch is never easy or taken lightly, especially if it’s the last branch in an area.”
HSBC is helping customers adjust by offering free tablets and coaching to migrate them to digital banking. This ‘post-closure’ support is part of their strategy to ease the transition.
The Grim Numbers Behind the Closures
- Footfall at three-quarters of closing branches has halved over five years.
- The pandemic accelerated the trend, with some branches serving fewer than 150 people weekly.
Branches Set to Close: April to August 2023
HSBC’s closure list is long, spanning towns across the UK:
- April: Blandford Forum, Bristol Downend, Bexhill on Sea, Leominster, Abergavenny, Market Bosworth, Cromer, Alton, St Ives, Shaftesbury, St Austell
- May: Wilmslow, Stamford, Whitley Bay, Whitby, Coleraine, Bridport, Bideford, Hove, Gainsborough, Fakenham, Launceston, Sudbury, Arnold, Liskeard, Didcot, Bristol Filton, Brecon, Dundee, Minehead, Waltham Cross, Dover, Hinckley Road, Halesowen, Market Harborough, Stroud, Stourport on Severn, Brighouse
- June: Stirling, Twickenham, Pocklington, Ross on Wye, Chepstow, Hertford, Knutsford, Wells, Frome, Bicester, Portadown, Oakham, Penarth, New Milton, Ilkley, Lewes, South Shields, Pontypool, Skipton, Beccles, Honiton, St Neots, Sleaford, Wadebridge
- July: Portishead, Horsforth, Droitwich, Gosforth, Leatherhead, Harpenden, Palmers Green, Bognor Regis, Coalville, Marlow, Park Gate Southampton, Christchurch, Wetherby, Seaford, Port Talbot, Blackwood, Kingswinford, Norwich Mile Cross, Long Eaton, Ripley, Bromborough, Tonbridge
- August: Bristol Westbury on Trym, Bethnal Green, Ormskirk, Hornchurch, Putney, Colwyn Bay, Ashton under Lyne, Dorchester, Kenilworth, Morley, Reigate, Wymondham, North Finchley, Ryde, Cirencester, Windsor, Henley on Thames, Cardiff Rhyd y Penau, Denbigh, Leighton Buzzard, 122 Finchley Road, Eastwood, Chippenham
HSBC’s branch cull reveals the brutal reality of banking in the digital age. As customers migrate online, the high street bank branch looks set to become a rare sight.
