HSBC bank closures: UK branch closures near me in London - impact on share price & is there a contact number?

Banking giants HSBC have announced that they will close a further 69 of their branches in the UK, affecting 400 jobs.

This comes as other banks such as Lloyds, Halifax, Barclays, TSB and more have also recently announced branch closures.

HSBC currently has 594 branches in the UK.

Are any of the branches in London earmarked for closure?

Out of the 69 set to close in the UK, 15 are in London and are as follows: Angel Islington (July 21); Beckenham (September 8); City of London (July 19); Eltham (August 18); Gloucester Road (July 26); Golders Green (August 18); Hammersmith (July 28); Hampstead (September 27); Moorgate (July 21); New Bond Street (July 19); New Malden (September 1); Peckham (August 2); Pinner; (September 6) Wandsworth (September 28) and London Stratford Westfield (July 19).

What explanation has HSBC given for the closures?

A press release from HSBC says the closures are partly because “less than 50% of the bank’s customers now actively use its branch network, with the average footfall declining over 50% since 2017, faster than any point in the last decade.”

Jackie Uhi, head of HSBC UK’s branch network, said: “The way people bank is changing – something the pandemic has accelerated.

“Our branches continue to support people with their more complex banking needs, but the way we can do this has also evolved, with the addition of banking hubs, community pop ups and continued use of the Post Office network.

“Rather than a one-size-fits-all branch approach, it’s an approach built around the way different customers are choosing to bank in different areas.”

In 2020, it was estimated that around 1.9 billion people worldwide were actively doing their banking online, and that figure is expected to hit 2.5 billion by 2024.

Bank closures have been in a downward trend for a long time. It is estimated that from 1986 to 2014, the number of branches in the UK halved by 50%.

Will my account be affected by the closures?

No, your account will not be affected by branch closures.

A spokesperson from HSBC said: “No, your account will not be affected. You can still go into any branch of HSBC and continue as normal.”

However, the closures could mean the distance some people will now have to travel for face-to-face banking will increase.

Is there a contact number I can use to speak to HSBC?

If you wish to speak to HSBC, you can call their customer service number on 0345 740 4404.

You will need your card nearby, as you will be asked to enter your card details before you speak to a member of staff.

Alternatively, you can contact HSBC via the mobile banking app. Simply log in, select the ‘support’ tab and then click ‘chat with us’ to connect to staff.

How are the closures affecting the HSBC share price?

Although there have been closures throughout the country, and whilst the share price initially decreased in value on Tuesday it showed signs of recovering on Wednesday with the London Stock Exchange reporting an increase of approximately 1.8 per cent

(all stock market information correct at the time of publishing).