Blow for two Scottish cities as HSBC takes axe to 69 bank branches

Banking giant HSBC will shut 69 branches as it continues to slim down its high street presence as more customers switch to online.

HSBC said that less than 50 per cent of its customers now regularly use its branch network, with footfall dropping sharply over the past five years. Picture: Kirsty O'Connor/PA Wire

The move, which could impact some 400 workers across the branches, is the latest in a flurry of closure announcements by the UK's biggest banks. In January last year, the bank announced 82 previous closures.

The latest blow involves two Scottish branches, with sites in Perth and Inverness scheduled to close in July and September, respectively.

HSBC said that less than 50 per cent of its customers now regularly use its branch network, with footfall dropping sharply over the past five years.

A spokesman for the group added that it hopes to redeploy all 400 staff to new roles within 15 miles of their homes.

Last month, HSBC reported bumper full-year pre-tax profits of $18.9 billion (£14bn) compared to $8.8bn in 2020 when pandemic restrictions took a greater toll on the group’s fortunes because of its exposure to Asia, which accounts for a large chunk of revenues and earnings.

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.”

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