HSBC to shut 69 bank branches with 400 jobs affected

HSBC's decision to close 69 branches will affect around 400 staff. Photo: Toby Melville/Reuters (Toby Melville / reuters)

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.

Read more: HSBC boosts bonuses to £2.6bn as annual profits double

“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.

Read more: NatWest pays £298m in bonuses as it closes 32 branches

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

• Moorgate

• Angel Islington

• Gloucester Road

• Monmouth

• Perth Hammersmith

• Merry Hill

• Woking

• East Grinstead

• Peckham

• Farnham

• Beaconsfield

• Street

• Lymington

• Sidcup

• Thame

• Hoddesdon

• Brimingham, Harborne

• Londonderry

• Uckfield

• Leyland

• Omagh

• Boreham & Elstree

• Golders Green

• Stowmarket

• Eltham

• Wellingborough

• Amserham-on-the-Hill

• Bishop Auckland

• Ashby-de-la-Zouch

• Woodbridge

• Thornbury

• New Malden

• Hartlepool

• Keynsham

• Pinner

• Dewsbury

• Barking

• Newmarket

• Billericay

• Beckenham

• Sidmouth

• Burgess Hill

• Daentry

• Nottingham, West Bridgford

• Ellesmere Port

• Strood

• St Annes-on-Sea

• Ringwood

• Pontefract

• Ilkeston

• Petersfield

• Whitehaven

• Hampstead, High Street

• Inverness

• Wandsworth

• Manchester, Didsbury

• Bristol, Whiteladies Road

• Shirley

• Herne Bay

• Manchester, Trafford Park

• Cardiff, Canton

• Falmouth

• Bootle

• Kingston

*Correction: This story has been amended to reflect that jobs are affected but not at risk.

Watch: HSBC doubles annual profits but eyes China woes on several fronts