HSBC branch in Sheffield will not shut as bank announces closure of 114 sites nationwide

The banking giant says it is axing dozens of its locations in towns and cities across the UK due to customers’ moving more and more into online services, as well as the impact of the Covid-19 pandemic. They aim to shut 114 branches by the end of next year in what could be a huge blow to local communities.

Now, it is understood Sheffield’s flagship branch in Fargate has been spared the axe, and is instead on one of 20 locations that will be refurbished as part of a multi-million pound investment scheme. It will reportedly include free-to-use tablet devices and more support of its one-to-one advice services.

HSBC claims footfall at physical banks has fallen by 65 per cent, and its worst affected locations see less than 250 customers a week. The closures will bring the total number of branches in the UK brought down to 327, meaning around quarter of locations will be lost. The announcement today (November 30) does not mention at all if any jobs will be lost as a result.

HSBC UK’s managing director of UK Distribution Jackie Uhi said footfall at branches is at an “all time low with no signs of returning”. She said: “Banking remotely is becoming the norm for the vast majority of us. Not only can we do it anywhere at any time of day or night, many more things can be done at the customers’ convenience and don’t rely on a branch visit.

“Branches will continue to play an important role in day-to-day banking, while providing specialist face-to-face support in moments that matter.

“The decision to close a branch is never easy or taken lightly, especially if we are the last branch in an area, so we’ve invested heavily in our ‘post closure’ strategy, including providing free tablet devices to selected branch customers who do not already have a device to bank digitally, alongside one-to-one coaching to help them migrate to digital banking.

The first of the branch closures is expected in April.