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Breaking News : HSBC To Shut Down Half Of Its Branches In India, 300 Jobs To Go
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[Image: hsbc-650_650x400_51463661443.jpg]
Highlights
  • HSBC to halve the number of branches to 26, leading to 300 job losses
  • It is the result of a review of retail and wealth management vertical
  • The bank will however continue to invest in the retail operations
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Mumbai: British lender HSBC on Thursday announced a consolidation exercise under which it will almost halve its branches in the country to 26 as customers shift to digital alternatives for their banking transactions.

The exercise will also lead to over 300 jobs being affected, which is less than one per cent of its total workforce of over 33,000 people in the country, and "redeployment opportunities will be accorded to the affected employees", the bank said.

"A key priority is the fair treatment of our staff and we will do everything we can to assist affected employees during this business transition. Redeployment opportunities will be accorded to the affected employees," it said in a statement.

The total number of branches will be coming down to 26 in 14 cities from 50 in 29 cities earlier, with a bulk of the impact in smaller centres.

It added that the impacted branches account for only 10 per cent of the customer base in the country. The reduction in branches is due to customers' adoption of digital solutions, it said.

"This change reflects changes in customer behaviour, who are increasingly using digital channels for their banking," the bank said.

"India is a priority market for HSBC and we will continue to invest to achieve sustainable growth by supporting the needs of our customers," HSBC India's chief executive Stuart Milne said.

The consolidation exercise is the result of a strategic review of retail and wealth management vertical and will be
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carried out in the coming months in a phased manner, said HSBC, which has been present in India since 1853.
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