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HSBC to close 27 branches across the UK as profits tumble

HSBC has announced it will close a number of branches across the UK. Credit: PA

HSBC has revealed it will close 27 branches across the country, putting almost 50 jobs at risk.

The banking giant made the announcement as it said it would invest more than £30 million in its remaining 594 branches, including refurbishments of 49 of them.

Under the plans, staff in ten branches, which employ 46 people between them, could face losing their jobs. The banks says it will move staff working at the other 17 branches earmarked for closure to other nearby HSBC sites.

The bank said the closures are in response to a changing banking scene, claiming nine in ten customer interactions happen over the phone, online or through its app.

It said the number of customers using traditional branches have stumbled by a third in since 2015.

HSBC said the closures will start from early July 2020. Credit: PA

Just one in every 100 cash withdrawals are made in a HSBC branch, the bank said. The bank said it wanted to ensure it is "fit for the future" and changes to the way customers interact are "something we cannot ignore".

The first closures will be made in early July, with branches in London, Bristol, Swindon and Leigh-on-Sea set to be axed. Customers will be able to use their local Post Office to access their bank accounts.

It comes as the bank announced plans to axe some 35,000 staff globally. It said it would introduce "meaningful" cuts in the UK, where it has 40,000 employees.

It reported earlier this month its profits has dropped by one third.

Is my local HSBC branch set to close - and when?

HSBC has announced it will close 27 branches in the UK. Credit: PA

The branch closures where jobs are at risk:

  • Park Royal, London – to close on July 3
  • Peterlee – July 10
  • Chard – July 10
  • Royston – July 10
  • Tiverton – July 31
  • Ely – July 31
  • Pembroke – July 31
  • Saffron Walden – July 31
  • Thetford – to close later in 2020
  • Bourne – to close later in 2020

The branch closures where jobs will be moved to nearby sites:

The bank will lose its presence in 27 locations over the coming months. Credit: PA
  • Bedminster, Bristol – to close on July 3
  • Leigh-on-Sea – July 3
  • Chingford – July 3
  • Old Town, Swindon – July 3
  • Kensington High Street, London – July 3
  • Blaby – July 10
  • Bradshawgate, Leigh – July 10
  • Wallasey – July 10
  • Pudsey – July 10
  • Wellesley Road, Croydon – July 31
  • Greenwich, London – to close later in 2020
  • Regent Street, London - to close later in 2020
  • Redhill – to close later in 2020
  • Broomhill, Sheffield – to close later in 2020
  • Bath Road, Cheltenham – to close later in 2020
  • Corporation Street, Coventry – to close later in 2020
  • Heswell – to close later in 2020