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Report: HSBC to shutter 62 UK branches in final phase of restructuring

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Report: HSBC to shutter 62 UK branches in final phase of restructuring

HSBC Holdings Plc will close 62 U.K. branches in 2017 to complete its two-year restructuring program in the country, the Financial Times reported Jan. 24, citing an internal memo.

The closures will reportedly entail up to 180 job cuts, but HSBC Bank Plc CEO Antonio Simoes told the FT that the bank is not planning to close any of its remaining 625 branches. In total, the lender closed approximately 340 branches, or about a third of its entire network, over the two years, the newspaper noted.

HSBC will also cut 200 IT jobs in 2017, having cut 800 in 2016, the FT said. Earlier in January, the bank reportedly began laying off about 100 senior investment bankers around the globe.