United Kingdom

HSBC is closing 114 UK branches as usage drops ‘significantly’ post-pandemic

HSBC has said it will close 114 branches in the UK from next year as the number of customers using it has fallen significantly since the Covid pandemic.

The announcement will see the number of branches in the country – currently about 440 – cut by a quarter.

The closures will take place from April next year, the banking giant announced.

The bank said it is investing tens of millions of pounds in updating and improving its remaining branch network, which will total 327 after the new wave of closures.

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The decline in customers using branches has accelerated so much since the Covid pandemic that some of the closures serve fewer than 250 people a week, HSBC said.

On the other hand, mobile app usage has nearly tripled since 2017, with the vast majority of transactions completed digitally.

It comes just months after HSBC announced the closure of 69 UK branches.

This was in addition to the 82 branches closed in total last year, including several in central London.

After the latest closures were announced, Jackie Uhi, UK distribution general manager for HSBC UK, said: “People are changing the way they bank and footfall in many branches is at an all-time low, and there are no signs of this returning. Remote banking is becoming the norm for the vast majority of us.

“The decision to close a branch has never been taken lightly or lightly, especially when we are the last branch in an area. do not yet have a device to bank digitally, in addition to one-on-one coaching to help them transition to digital banking.”