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Report: HSBC, Barclays, RBS set to shutter 400 branches

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Report: HSBC, Barclays, RBS set to shutter 400 branches

may shut 200branches in 2016, while BarclaysPlc and Royal Bank ofScotland Group Plc plan to shutter about 100 branches each, Reutersreported April 6, citing "people familiar with the situation."

Thethree lenders are slashing branch count as clients shift to online or mobilebanking, the newswire noted. The banks said they had prepared measures to addresscustomer concerns. HSBC is collaborating with the Post Office, while Barclayshas tied up with supermarket group Asda to offer banking services, the newswireadded.

Approximatelyhalf of Britain's remaining 10,386 bank branches may close in the next fiveyears as lenders slash costs, Reuters reported, citing research by UBS. DerekFrench, director of the Campaign for Community Banking, said the closures"will accelerate the death of the British high street."