HSBC closing branches across Wales

24 January 2017, 14:34


HSBC has announced plans to close nine branches across Wales this year.

In total the banking giant is planning to shut 62 branches in the UK.

The cuts to the branch network are likely to lead to job losses, but the bank said it would redeploy staff where possible.

The branches affected in Wales include Ammanford, Llanrwst, Maesteg, Churchill Way in Cardiff, Narbeth, Fishguard, Holyhead, Holywell and Knighton in Powys.

HSBC said the changes are because 90 per cent of customer interactions now happen online, while the number of customers using HSBC branches has dropped by nearly 40 per cent in the past five years.

Francesca McDonagh, HSBC head of retail banking, said customers impacted by the cuts would be told about other ways to bank.

"The decision to close these branches ensures a more sustainable branch network for the future as we invest in our digital platforms and our people."

However, Unite union national officer Dominic Hook called on the banking industry to rethink "branch-culling exercises".

"Today is a dark day for hundreds of HSBC staff who will be told they could lose their job as their branch closes or their role is cut."

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