More And More Bank Branches Will Continue To Close

2,400 more bank branches may be closed in the coming years, putting 12,000 people at risk of losing their jobs, according to sources.

According to research commissioned by the Nottingham Building Society, the banks in the UK could provide efficient national coverage with only 600 branches each.

David Black, analyst at DJB Research, stated that 2,400 branches would represent a ¼ of the branches of big names including HSBC, Lloyds, Barclays, RBS and Natwest.

Mr Black went on to say that existing branches could be minimized by having cashiers replaced with coffeeshops in order to boost footfall. Following this, banks would start to resemble more of a convenience setting in which customers would serve themselves when managing their savings accounts or when paying in cheques.

The consumer group Which? announced that between the start of 2015 and the end of 2018, 2,868 branches have closed or are due to do so. This results in approximately 60 branches are closing every month.