1st December 2023

Bank branch networks shrink-Hargreaves Lansdown:

Susannah Streeter, head of money and markets, Hargreaves Lansdown, comments:

"Finding a bank branch which is open is set to become even harder in the UK. As the digital banking revolution unfolds, and big lenders are searching for ways to cut costs, more outlets are being shuttered, leaving those customers who have little access to devices out in the cold.

Lloyds Banking Group is closing another 45 branches across its network, just a week after NatWest announced it would close 19 branches next year. Barclays is also downsizing its branch footprint. Metro Bank has prided itself on its outlets with an ‘open all hours’ approach but now after facing some fierce financial headwinds, it’s now had to seriously re-think this strategy-it’s already been a troubling time for staff given concerns about whether the bank would secure a financial lifeline. Even though it’s managed to shore up its finances, it’s clear the staffing bill was far too high, prompting the decision to cut headcount by 20%."

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