HSBC (HSBA.L) has announced the closure of 69 branches across its wider bank network in the UK, in a move that will affect 400 jobs.
In a statement, the bank confirmed the decision was taken as part of its “transformation” into how branches operate within individual communities.
Jackie Uhi, head of HSBC UK’s branch network, said: “The way people bank is changing — something the pandemic has accelerated.
“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.”
Under 50% of the bank’s UK customers now actively use its branch network, with the average footfall declining over 50% since 2017, according to the HSBC.
The bank said it would try to replace the affected branches with other banking services, like new ATMs and pop-up banks.
HSBC added that there are no jobs being put at risk as a result of this announcement. "We aim to redeploy all affected colleagues to other roles within the bank," HSBC told Yahoo Finance UK.
HSBC recently more than doubled its annual profits to $18.9bn (£13.9bn) and announced plans to repurchase shares worth up to $1bn as the lender was helped by lower bad loans and operating expenses.
Full list of HSBC bank branches closing in 2022
City of London
Westfield Stratford City
New Bond Street
Cambridge, Hills Road
Boreham & Elstree
Nottingham, West Bridgford
Hampstead, High Street
Bristol, Whiteladies Road
Manchester, Trafford Park
*Correction: This story has been amended to reflect that jobs are affected but not at risk.