Here’s our pick of five of the top news stories from the world of finance and tech this week.
HSBC to shutter 69 UK branches as more customers move online
HSBC UK is to close 69 branches across the country as more customers continue to switch to mobile and online banking.
The bank says the closures will allow it to divert investment towards its digital and mobile offering, while it also plans to refurbish branches in key locations and offer new integrated deposit and withdrawal cash machines. HSBC says no planned closures are the last bank branch in town.
It says that less than 50% of its customers now actively use its branch network, with average footfall declining more than 50% since 2017, faster than any point in the last decade.
CEO of UK challenger bank Recognise leaves
Jason Oakley, co-founder and CEO of Recognise, a UK-based challenger bank for SMEs, has stepped down.
“All I can say is building from scratch and leading Recognise Bank has been the highlight (so far!) of a 37-year career,” he writes on…