Nearly 50 jobs are at risk at HSBC, after the banking giant revealed plans to close 27 of its UK branches this summer.
A total of 46 people working in 10 of the bank’s branches could lose their jobs under the plan.
Those working at the other 17 branches earmarked to shut will be moved to other roles at nearby HSBC sites, the bank told the Press Association.
Earlier this month, HSBC said its global headcount would be reduced by 35,000 over the next three years. This would include "meaningful" cuts in the UK, where it employs 40,000 people. It also promised to refurbish 49 of its branches, and invest nearly £34 million in its nearly 600 UK sites.
‘Something we cannot ignore’
The fresh announcement comes as HSBC struggles to adapt to changing customer habits, like online banking, which make them less reliant on traditional branches.
Only one per cent of customer cash withdrawals are made in HSBC branches, and 90 per cent of its customers contact the bank over the phone, via the internet, or on its smartphone app.
Stuart Haire, HSBC UK's head of retail banking and wealth management, said, “Retaining a sustainable branch network is extremely important to us and we need to ensure it is fit for the future.
"But, the way our customers bank with us has changed significantly over the last five to 10 years, and that change is something we cannot ignore.”
In July this year, branches in London, Bristol, Swindon and Leigh-on-Sea will be the first to be axed by the bank.
HSBC customers will still be able to bank in Post Office branches across the country.
The branch closures where jobs are at risk
London Park Royal - to close on July 3Peterlee - July 10Chard - July 10Royston - July 10Tiverton - July 31Ely - July 31Pembroke - July 31Saffron Walden - July 31Thetford - to close later in 2020Bourne - to close later in 2020
The branch closures where jobs will be moved to nearby sites
Bristol Bedminster - to close on July 3Leigh-on-Sea - July 3Chingford - July 3Swindon Old Town - July 3Kensington High Street - July 3Blaby - July 10Leigh Bradshawgate - July 10Wallasey - July 10Pudsey - July 10Croydon Wellesley Road - July 31London Greenwich - to close later in 2020London Regent Street - to close later in 2020Redhill - to close later in 2020Sheffield Broomhill - to close later in 2020Cheltenham Bath Road - to close later in 2020Coventry Corporation Street - to close later in 2020Heswall - to close later in 2020
The branches set to be refurbished in the first half of 2020
East HamCroydon North EndEaling BroadwayStratford Upon AvonHammersmithCarmarthenLewishamCheltenham PromenadeBlackburnWembleyBristol KingswoodWiganCorby122 Finchley RoadAltonCardiff Rhyd y PenauCastlefordHinckleyLowestoftLymingtonOrmskirkRamsgateSaxmundhamWelshpoolWitney