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'Practical World' True News Magazine by American Road Radio
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#Business,#TrueNews : What's happening to HSBC in UK ? Brexit strikes again (...perhaps)

HSBC today announced it is to close 62 more high street branches across the UK as the Supreme Court announced its Brexit ruling. 

The high street lender said it would shut a further 62 bank branches on top of the 55 closures announced last year, meaning a total of 117 HSBC branches will close in 2017.

The move will see the loss of up to 180 jobs and separately, the bank said it would cut a further 200 jobs in IT and transfer them to India, China and Poland, where people can perform the same role on lower salaries.

Last week boss Stuart Gulliver announced the bank will move 1,000 jobs from London to Paris as a consequence of Brexit. 

Stuart Gulliver
Britain's biggest bank has been accused of slipping out today’s decisions as judges ruled on the most contentious constitutional cases in UK legal history.

One Twitter user said: 'Another Brexit announcement, another HSBC announcement. It's as if it's planned'.

New cuts: HSBC is to close 62 branches across the UK in 2017, the bank announced today

Is your branch on here? These are the high street branches that Britain's biggest bank has proposed to dispose of

Union leaders say the closures will be 'devastating' for workers set to lose their jobs and 'loyal customers' set to lose their local branches.

The high street lender said it would be the only cut to its branch network that it would make in 2017, bringing its total number of UK branches to 625.

This is down by about a third of what it was two years ago, following the closure of some 340 branches.

It denied that it was announced to coincide with the Brexit showdown at the Supreme Court.

A spokesman said: 'The timing of today’s announcement was driven entirely by the communications we made to our employees and customers.'

The latest branch closures, which were announced to HSBC staff today in an internal memo, will be staggered throughout the year.

Francesca McDonagh, HSBC head of retail banking and wealth management for UK and Europe, said: 'The decision to close these branches ensures a more sustainable branch network for the future as we continue to invest in our digital platforms and our people.'

The swingeing cuts to the branch network could trigger up to 180 job losses, but the bank said it would try and redeploy staff where possible.

HSBC has moved to slash back its branch network after seeing a rise in the number of customers using online banking.

It said 90% of its interactions with customers now came through digital - an 80% rise on last year - while the number of customers using HSBC branches has dropped by nearly 40% in the past five years.

'The way our customers bank with us is changing,' Ms McDonagh added.

'More customers are using mobile and internet banking than ever before, innovation such as Touch and Voice ID has proved extremely popular, and fewer people are using branches.

Brexit plans: HSBC boss Stuart Gulliver says he will move 1,000 trading jobs to Paris from its London headquarters

She said the bank would offer customers 'individual sessions' to help them bank with HSBC outside of the branch.

'Our priority now is to work with our colleagues, our customers and the communities impacted by today's announcement.

Banks in row over free cashpoint agreement

Britain's banks remain embroiled in a row over free-to-use cash machines, which could lead to customers being charged to withdraw money.

The 39 members of the Link network are locked in talks over how to fund the tens of thousands of ATMs, which cost £900 million a year to run.

Link members - including major high street banks - are due to meet on Thursday, but the organisation has ruled out a quick solution and expects talks to spill over into March.

'We are contacting customers to explain the decision and help them with alternative ways to bank with us.'

In November, HSBC saw third-quarter pre-tax profits tumble 86 per cent as it stomached a hefty hit from the disposal of its Brazilian business.

The banking giant said reported pre-tax profits hit 843 million US dollars (£678 million) in the three months to the end of September, down from 6.097 billion US dollars (£4.905 billion) over the period in 2015.

Unite union national officer Dominic Hook said the announcement made it a 'dark day' for HSBC staff.

'Unite is deeply concerned that this large branch closure programme will be devastating not only for staff but also for the loyal HSBC customers who will lose their community branch.

'Unite is again calling on the banking industry to rethink such branch culling exercises, which do nothing to reassure customers or staff that banking is accessible and open to all.'

Unite revealed last week that Clydesdale and Yorkshire Bank is to close 79 branches with the loss of more than 400 jobs.
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