HSBC in have announced that they will let go and close 114 branches across United Kingdom (UK). The move follows a closure of 150 branches since last year. Almost 100 staff members are faced with the reality of un employment.
“People are changing the way they bank and footfall in many branches is at an all-time low, with no signs of it returning,” said the bank’s managing director of UK distribution, Jackie Uhi.
“Banking remotely is becoming the norm for the vast majority of us.”
By the end of next year, the NatWest Group, which runs NatWest, Royal Bank of Scotland and Ulster Bank, will have shut more than 1,200.
HSBC is not alone to make such moves, the NatWest Group, which runs NatWest, Royal Bank of Scotland and Ulster Bank also closed 1200 of their branches.
Barclays has closed or will have closed more than 960 branches by the end of this year.
If someone told you ten years ago that physical banks or branches will be no more, you could have said this person is crazy or on drugs. We living in an era whereby everything we do is on our mobile phones in a form of an app. Majority of people can’t remember when the last time where at the bank, it’s crazy.
The trend of cashless society and online banking went over the roof during covid, now people don’t see a need to visit banks. If you work at the bank reading this article, now is time to look for a new job because very soon you will told that there’s no job for you.
