Cull of bank branches '˜could see 12,000 jobs put at risk'

Britain's top five banks may be on track to axe up to 2,400 more branches, according to new research which says 12,000 jobs would be at risk as a result.
Halifax bank in Sowerby BridgeHalifax bank in Sowerby Bridge
Halifax bank in Sowerby Bridge
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“Looking at the number of branches the top five banks have today, I estimate that, if this strategy was adopted, some 2,400 branches could still be closed,” Mr Black said.

Research from consumer group Which? shows that 670 branches have already been closed this year, with the figure for the whole of 2018 on track to eclipse last year’s figure of 879 closures.

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“There is little doubt that more bank and building society branches will close - this is inevitable as the way people manage their money is changing,” Mr Black said.

“However, the extent to which they are closing could be radically reduced if branches took on new services and approaches.”

The report predicts that some existing branches could reduce in size, removing cashiers and adding coffee shops to boost footfall in locations that would start to resemble a “convenience supermarket-style” approach where customers serve themselves when paying in cheques or managing savings accounts.

David Marlow, chief executive of Nottingham Building Society, said branches that focus only on transactions have “limited value”.

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