HSBC (HSBCA.L) said on Tuesday that it would move to close 82 of its high street bank branches this year, saying that more customers are turning to online services instead.
The bank said it aims to redeploy the vast majority of staff to nearby branches and does not expect any redundancies from the move.
Jackie Uhi, HSBC UK’s head of network, said: “The COVID-19 pandemic has emphasised the need for the changes that we are making.
“It hasn’t pushed us in a different direction but reinforces the things that we were focusing on before and has crystallised our thinking. This is a strategic direction that we need to take to have a branch network fit for the future."
The closures will bring the total number of branches to 511 and will be phased throughout the year,
The bank’s shares were trading 2.1% higher at 12.15pm in London.
The move comes amid a flurry of companies reassessing working space amid the COVID-19 pandemic. The widespread move to working from home has led to many companies reassessing their office space overheads.
In October, accounting firm Deloitte said it would shut four of its 50 UK offices as it looked at its real estate portfolio in the UK. It retained 500 staff based in those offices on working from home contracts.
Virgin Money (VMUK.L) and Metro Bank (MTRO.L) have also made plans to convert parts of branches into flexible working space, according to the FT. The report also said Lloyds Banking Group (LYG) would begin testing similar measures from October.
A combination of swathes of businesses saying employees will work from home until the new year, and downsizing at many firms has left business leaders questioning their commercial office arrangements. This has brought uncertainty in the property market.
Full list of branches and planned closure dates:
Friday 23 April: Edinburgh, Princess St
Friday 7 May: Brighton, Ditchling Road; Hull, Merit House; Wednesbury; Sutton Coldfield, Four Oaks
Friday 14 May: Hull, Holderness Road; Pontyclun Talbot Green; London, Fleet Street; London, Fenchurch Street
Friday 21 May: London, Old Broad Street; London, Charing Cross; Sheffield, Darnall; Oxford, Summertown
Friday 28 May: Leeds, Chapel Allerton; Cardiff, Rumney; Torquay, Strand; Staines
Friday 4 June: Plymouth, Forder House; Belper, King Street; Colchester; London, Whitechapel
Friday 11 June: London, Marylebone; London, Streatham Hill; Falkirk High Street; Fleet, Fleet Road
Friday 18 June: Reading, Woodley; Oxford, Headington; Swansea, Gorseinon; Wigston, Leicester Road
Friday 25 June: Tavistock, Bedford Square; Bristol, Nailsea; Leeds, Cross Gates; Yate, North Walk
Friday 2 July: London, Kingsbury Road; Cleckheaton, Bradford Road Bexleyheath, Broadway London, South Woodford
Friday 9 July: Birmingham, Erdington; Goole, Wesley Square; Congleton, High Street; Formby, Chapel Lane
Friday 16 July: Gillingham, Kent; Dunstable, West Street; Chorley, Market Street; Pontypridd, Taff Street
Friday 23 July: Felixstowe, Hamilton Road; Godalming, High Street; Prestatyn, High Street; London, Southgate
Friday 30 July: Tewkesbury, High Street; Maldon, High Street; Hatfield; Herts; Huntingdon, High Street
Friday 6 August: Stockport, Bramhall; London, Russell Square; Richmond, Market Place
Friday 13 August: Loughton, High Road Rustington, The Street Exmouth, Chapel Street
Friday 20 August: Bournemouth, Winton; Liverpool, University; Cleveleys, Victoria Square; Clevedon, Triangle
Friday 27 August: Northallerton, High Street; Walton-on-Thames, High Street; London, High Holborn
Friday 3 September: Barry, Holton Road; Aldershot, Wellington Street; Eastcote, Field End Road; London, Edgware Road
Friday 10 September: Ramsgate, High Street; Manchester, Chorlton-Cum-Hardy; Letchworth, Station Place; London, Hackney
Friday 17 September: Barnet, High Street; Deal, High Street; Cheshunt, Turners Hill; Swadlincote, High Street
Friday 24 September: Dorking, West Street; Welshpool, Broad Street; London, Surrey Quays; Worksop, Bridge Street
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