Haslemere set to lose its HSBC branch

The Haslemere branch is among another 62 HSBC banks which will close this year after the latest announcement from the high street lender.
By The Newsroom
Published 27th Jan 2017, 10:43 BST
Updated 27th Jan 2017, 10:48 BST

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The new closures are on top of 55 HSBC branches which it was announced last year would close.

It brings the total number of HSBC branches to be shut in 2017 to 117.

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The move will see the loss of up to 180 jobs and separately, the bank said it would cut a further 200 jobs in IT and transfer them to India, China and Poland.

Union leaders say the closures will be ‘devastating’ for workers set to lose their jobs and ‘loyal customers’ set to lose their local branches.

It will bring the number of UK branches to 625 which is down by about a third of what it was two years ago, following the closure of some 340 branches.

The latest branch closures will be staggered throughout the year.

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Francesca McDonagh, HSBC head of retail banking said: “The decision ensures a more sustainable branch network for the future as we continue to invest in our digital platforms and our people.”

The bank said it would try and redeploy some of the 180 staff set to lose their jobs, where possible.

It said 90 per cent of its interactions with customers now came through digital - an 80 per cent rise on last year - while the number using HSBC branches had dropped by nearly 40 per cent in the past five years.

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