HSBC to close 117 branches in Britain to reduce costs, 380 staff face axe

A new round of job cuts is coming to HSBC. The embattled bank, which has been struggling to tame costs, is planning to close 117 of its branches in Britain this year. The bank will also cut 380 jobs in its bid to reduce costs.

The bank said on Tuesday about 180 jobs will be eliminated in the final round of branch network cuts, marking the end of its restructuring programme in Britain.

The bank said it would also cut a further 200 jobs in information technology which are being transferred to India, China and Poland, where people can perform the same role on lower salaries.

It has been learnt that the decision is a result of spike in digitised transactions by its customers.

HSBC said the number of customers using branches for transactions has fallen by about 40% over the last five years, while the number of people making digital transactions has increased.

HSBC is shutting branches more quickly than other major British banks, with 321 closures since 2015, equating to about a quarter of its network, according to research by Britain's largest consumer body Which published last month.

HSBC will have about 625 branches across Britain at the end of this year, down from 965 branches at the end of 2016.

(With inputs from agencies)