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    HSBA   GB0005405286

HSBC HOLDINGS PLC

(HSBA)
  Report
Real-time Estimate Cboe Europe  -  04:20:46 2023-02-06 am EST
593.85 GBX   -0.48%
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TOP NEWS: HSBC to axe 114 UK branches from April; cites mobile banking

11/30/2022 | 07:06am EST

(Alliance News) - HSBC Holdings PLC on Wednesday said it will close 114 bank branches across the UK from next April in the face of declining footfall.

The bank said it is investing tens of millions of pounds in updating and improving its remaining branch network, which will total 327 after the new wave of closures.

The decline in customers using branches has accelerated so much since the Covid pandemic that some of those closing are serving fewer than 250 people a week, HSBC said.

On the other hand, usage of its mobile app has almost tripled since 2017, with the vast majority of transactions completed digitally.

Jackie Uhi, HSBC UK's managing director of UK distribution, said: "People are changing the way they bank and footfall in many branches is at an all-time low, with no signs of it returning. Banking remotely is becoming the norm for the vast majority of us.

"The decision to close a branch is never easy or taken lightly, especially if we are the last branch in an area, so we've invested heavily in our 'post-closure' strategy, including providing free tablet devices to selected branch customers who do not already have a device to bank digitally, alongside one-to-one coaching to help them migrate to digital banking."

HSBC shares were down 0.2% at 509.20 pence each on Wednesday afternoon in London.

By Anna Wise, PA Business Reporter

Press Association: Finance

source: PA

Copyright 2022 Alliance News Limited. All Rights Reserved.

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Analyst Recommendations on HSBC HOLDINGS PLC
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Financials (USD)
Sales 2022 53 307 M - -
Net income 2022 13 682 M - -
Net Debt 2022 - - -
P/E ratio 2022 10,4x
Yield 2022 4,21%
Capitalization 142 B 142 B -
Capi. / Sales 2022 2,67x
Capi. / Sales 2023 2,37x
Nbr of Employees 219 697
Free-Float 98,2%
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Technical analysis trends HSBC HOLDINGS PLC
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 7,22 $
Average target price 8,15 $
Spread / Average Target 12,9%
EPS Revisions
Managers and Directors
Colin Bell Chief Executive Officer
Georges El-Hedery Co-Chief Executive Officer-Global Banking & Market
Mark Edward Tucker Independent Non-Executive Director
Steven C. van Wyk Chief Information Officer
John M. Hinshaw Group Chief Operating Officer
Sector and Competitors