200 extra financial institution branches to shut as excessive avenue withdrawal continues

More financial institution branches are set to shut this yr as lenders proceed withdrawing from the High Street.

Lenders have already introduced no less than 189 branches will shut in 2024, figures present.

The newest exodus follows the 645 that closed final yr. Nearly 6,000 have disappeared for the reason that begin of 2015.

And the pattern is not going to change this yr as banks proceed to chop prices and level to the rising shift by prospects in the direction of utilizing on-line companies.

Barclays closed the biggest variety of branches in 2023 at 180, and already has 34 deliberate for this yr. It was adopted by NatWest on 138, with 21 pencilled in for 2024 (File Photo)

Banks have decreased department networks for years in an try and drive down prices, however the price has grown with the elevated uptake of digital alternate options. This was accelerated by the pandemic.

However, campaigners have warned that aged and weak customers are being left behind. The newest figures have been compiled by shopper group Which?. Jenny Ross, the agency’s cash editor, stated: ‘Sadly we have witnessed a whole lot of financial institution branches closing their doorways.

‘And with greater than 180 branches on account of shut in 2024, on high of the 5,783 branches which have closed since January 2015, the way forward for the UK’s excessive avenue banking infrastructure is bleak.

‘Consumers are liable to being left remoted as in-person banking companies are axed from their communities – the Government should do extra to guard their wants.’

Separate analysis from analytics platform SAS discovered that nearly a million prospects might be left ‘bankless’ inside months.

One concept to attempt to alleviate the ache for these communities affected is the organising of banking hubs. These enable completely different lenders to share department services, every taking it in flip to make use of them to serve prospects on completely different days of the week.

However, critics declare that these usually are not conserving tempo with the size of closures.

Only 31 have been opened in cities beforehand left bankless by the withdrawal of all the massive banks and constructing societies. An extra 70 are already scheduled to open subsequent yr.

Ms Ross stated: ‘Banking hubs might play an vital function on this, however the roll-out is taking far too lengthy. More hubs should open as quickly as doable to cease tens of millions of customers being left behind.’

Royal Bank of Scotland, additionally a part of the NatWest Group, shut 4 branches final yr and has one closure earmarked for this yr. Ulster Bank, one other NatWest-owned firm, closed zero branches final yr however plans ten in 2024 (File Photo)

Barclays closed the biggest variety of branches in 2023 at 180, and already has 34 deliberate for this yr. It was adopted by NatWest on 138, with 21 pencilled in for 2024.

Royal Bank of Scotland, additionally a part of the NatWest Group, shut 4 branches final yr and has one closure earmarked for this yr. Ulster Bank, one other NatWest-owned firm, closed zero branches final yr however plans ten in 2024.

NatWest, which stays 38 per cent owned by the taxpayer, has indicated that extra closures are possible.

Last month, finance director Katie Murray instructed the FT Global Banking Summit in London: ‘Branches will all the time be vital however we simply do not want something just like the quantity that we’ve.’

She stated NatWest at present operated out of 550 department places however that ‘we do not want that sort of variety of branches’. HSBC had the third highest variety of closures in 2023, at 114, though none are deliberate for this yr.

Last yr, the financial institution’s UK boss Ian Stuart sparked a backlash when he instructed MPs that the closure of financial institution branches was ‘following what the shoppers need’.

The Mail has lengthy campaigned for the High Street to be protected so very important outlets and companies could be retained.