Bank to shut branches across the South West – nationally 100 jobs will be lost

HSBC has said that around 100 staff could leave the bank as a result of plans to axe 114 UK branches from April next year, including a number in the South West.

The bank said it has seen a substantial decline in customers coming into its branches over the last five years, but especially since the pandemic.

Among the branches to close in the Westcountry are those in St Ives,

St Austell, Bideford, Launceston, Minehead, Bridport,Liskeard, Honiton, Wadebridge and Dorchester.

Some of the branches closing are currently serving fewer than 250 customers a week, HSBC said.

HSBC stressed that it hopes to redeploy all its employees at affected locations to other roles within HSBC, either to other branches or to a different position. It plans to speak to all staff in those due to close but it estimates that around 100 employees could lose their jobs.

The group will be investing tens of millions of pounds in updating and improving its existing UK branch network, which will total 327 after the new wave of closures. It is also developing new “banking hubs” and community pop-ups in its shake-up of the network and plugging more investment into digital banking services.

Since 2021 it has provided 1,500 free Samsung tablet devices to customers selected by local branches who cannot afford or have no access to equipment to help with digital banking, HSBC said. Jackie Uhi, HSBC UK’s managing director of UK distribution, said: “People are changing the way they bank and footfall in many branches is at an alltime low, with no signs of it returning. Banking remotely is becoming the norm for the vast majority of us. Branches will continue to play an important role in day-to-day banking, while providing specialist faceto-face support in moments that matter. In addition to our branch network, customers can access services through the Post Office network, our community pop-ups and soon-to-come banking hubs, alongside Live Chat, social media and through telephone banking.”