HSBC closing 62 more UK branches to create 'sustainable' network

HSBC has said it is to shut a further 62 UK branches in 2017, just weeks after a report said the bank had led the sector in site closures over the past two years.

The lender, which used to style itself as 'the world's local bank', said its network would shrink to 625 branches by the end of the year.

There were 1,430 back in 2008 as the sector was in the grip of the financial crisis.

HSBC said the latest cuts placed 180 jobs at risk but it said it hoped to redeploy many of those workers.

The bank - like its major rivals - has been cutting branches to help cut costs at a time when growing numbers of customers are using online banking.

HSBC said 90% of its interactions with customers now came through digital services.

It said that represented an 80% increase on the previous year with the number of customers using HSBC branches falling by nearly 40% over the past five years.

A report by Which? last month pointed to over 1,000 branch closures by the industry over the past two years - with HSBC at the top of the pile with 321 sites shut.

Its head of UK retail banking, Francesca McDonagh, said of the latest closures: ""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.

"The way our customers bank with us is changing," Ms McDonagh added.

"More customers are using mobile and internet banking than ever before, innovation such as Touch and Voice ID has proved extremely popular, and fewer people are using branches.

She (Munich: SOQ.MU - news) said the bank would offer customers "individual sessions" to help them bank outside of the branch while HSBC pledged the decision would draw a line under the programme of closures in recent years.

Unite union national officer, Dominic Hook, said: "Unite is deeply concerned that this large branch closure programme will be devastating not only for staff but also for the loyal HSBC customers who will lose their community branch.

"Unite is again calling on the banking industry to rethink such branch culling exercises, which do nothing to reassure customers or staff that banking is accessible and open to all."

HSBC said the branches to close were in:

Alfreton, Derbyshire.

Horncastle, Lincolnshire.

Alnwick, Northumberland.

Keswick, Cumbria.

Ammanford, Carmarthenshire, Wales.

Kidlington, Oxfordshire.

Balsall Common, Coventry.

Kirkbymoorside, North Yorkshire.

Bedworth, Warwickshire.

Knighton, Powys, Wales.

Birley Street, Blackpool.

Leyburn, North Yorkshire.

Bletchley, Buckinghamshire.

Llanrwst, Wales.

Brigg, North Lincolnshire.

Ludlow, Shropshire.

College Green, Bristol.

Maesteg, Mid Glamorgan, Wales.

Brompton Road, Knightsbridge, London.

Manchester University.

Churchill Way, Cardiff, Wales.

Marlborough, Wiltshire.

Kingstown Road, Carlisle.

Midsomer Norton, Radstock.

Carterton, Oxfordshire.

Narberth, Pembrokeshire.

Castle Bromwich, Birmingham.

Newquay, Cornwall.

Castle Donington, Derby.

Redruth, Cornwall.

Chase Terrace, Staffordshire.

Rickmansworth, Hertfordshire.

Chesham, Bukinghamshire.

Shaftesbury Avenue, London.

Chipping Norton, Oxfordshire.

Stokesley, North Yorkshire.

Cobham (Other OTC: CBHMF - news) , Surrey.

Swinton, Greater Manchester.

Consett, County Durham.

Syston, Leicestershire.

Cosham, Porstmouth.

Team Valley, Gateshead.

Easingwold, North Yorkshire.

Thorne, South Yorkshire.

Ferndown, Dorset.

Totton, Southampton.

Church End, Finchley, London.

Warminster, Wiltshire.

Fishguard, Pembrokeshire.

High Street, Warwick.

Gerrards Cross, Buckinghamshire.

Wath-upon-Dearne, Rotherham, South Yorkshire.

Haslemere, Surrey.

Wembley Park, Middlesex.

Hedon, Hull.

West Byfleet, Surrey.

Hemsworth, Potefract, West Yorkshire.

Willenhall, West Midlands.

Holyhead, Ynys Mon, Wales.

Wood Green, London.

Holywell, Flintshire.

Worle, North Somerset.