The final cut?

The final cut?

HSBC plans the closure of 62 of its UK branches in 2017, with the loss of up to 180 jobs.

This will bring the number of branches it has in the country to 625 by the end of 2017. It says it has no intention to close any further branches in 2017 and this marks the end of its branch restructuring programme.

As Banking Technology reported last year, HSBC was in a massive restructuring plan that will see 8,000 British jobs terminated by the end of 2017.

Francesca McDonagh, HSBC head of retail banking and wealth management for UK and Europe, says: “More than 90% of our interactions with customers are now through our digital channels” and “the decision to close these branches ensures a more sustainable branch network for the future”.

Over the past five years, it says the number of customers using HSBC branches has fallen by almost 40%.

On the same day (24 January) as HSBC’s announcement, the UK’s Post Office entered the banking market as a new industry-wide agreement with the nation’s banks comes into effect. It says 99% of UK personal bank customers and over 75% of business customers can do their day-to-day banking at the Post Office.