HSBC will shut 69 bank branches in a move affecting around 400 staff.
The fresh blow to the British high street comes after the pandemic accelerated the preference for online banking among customers.
In January last year, the bank announced 82 previous closures.
Fewer than half of customers actively use its branch network in 2022.
Average footfall has plunged by over 50% since 2017 – faster than any point in the last decade.
Customers impacted by closures will be able to find other branches nearby, bosses have promised.
The shutdowns mean an average increase of. 0.3 miles to a branch for customers, while the overall average distance will be four miles. A statement was said today.
The company plans to pour the extra money into updating technology and refurbishing the remaining premises.
‘The way people bank is changing – something the pandemic has accelerated’, Jackie Uhi, head of HSBC UK’s branch network, said.
‘Our branches continue to support people with their more complex banking needs. But the way we can do this has also evolved, with the addition of banking hubs, community pop-ups, and continued use of the. Post Office network.
‘Rather than a one-size-fits-all branch approach, it’s an approach built around the way different customers are choosing to bank in different areas.
‘We know that the majority of our customers have a preference to do much of their day-to-day banking online or via mobile, so we’re removing locations where we have another branch nearby, and where there is a significant reduction in customers using face-to-face branch servicing.
‘This will enable us to invest in locations where our customers are continuing to utilize the branch network, including updating technology and refurbishing branches.’
A high street worth of shops closed down every. 24 hours in the first half of 2021, research from September shows.
It will cause a huge economic blow on the High street.