Banks cite the growing preference of customers to do more things digitally, as well as fewer visitors and transactions inside branches, as reasons for closing sites.
But after years of expansion in the New York area and then into other major cities from coast to coast, HSBC announced in May 2011 that its upstate branch operations were no longer doing so. integral part of its business and two months later agreed to just 195 branches at First Niagara Financial Group for $ 1 billion. (Buffalo-based First Niagara, which sold some of these branches to other banks, was later acquired by Cleveland-based KeyCorp.)
That sale left HSBC with around 265 branches 165 in upstate New York and the rest in concentrated pockets in 11 other states.
Latest move follows further cuts by HSBC to its branch network in the United States, including last year, when it cut its branch count by 30% as part of a larger initiative restructuring and cost reduction program designed to cut spending by $ 4.5 billion by 2022.
As part of the strategy, the bank said it cut spending by $ 1 billion and riskier assets by $ 52 billion during the year. It also reduced its workforce by 11,000 jobs, streamlined its general management, and consolidated its assets and personal banking services into a single division.
“Last February, I promised that we would deliver our projects with pace and conviction,” said Noel Quinn, CEO of the HSBC Group.
There was a time when bank branches seemed destined to follow the blockbuster path but don’t count them
Going forward, Quinn said, HSBC will focus on its strengths in cross-border banking, mid-market business banking and wealth management, particularly in Asia. The company also said it will invest in technology, focus on sustainability as it evolves into a ‘net zero energy’ bank, and emphasize inclusion and diversity within its ranks. .
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