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British multinational investment bank HSBC is planing to close 27 branches across Britain in 2020 in a bid to adapt to the long-term changes in the sector, local media reported.

The cuts would reduce the total number of British outlets to 594 and “involve the closure of branches in some flagship locations, including Regent Street and Kensington High Street in London,” the London-based newspaper The Guardian has reported.

The move was not related to the announcement a week ago, in which the bank was set to slash 35,000 jobs worldwide over three years, said the newspaper, citing a HSBC spokesman.

The decision reflected “the long-term change in the way customers are banking, alongside the bank’s need to ensure a sustainable branch network for the future,” said the spokesman, adding that the number of customers using HSBC Britain branches had fallen by a third over the past five years.

Nine in 10 of customers now complete their transactions via the telephone, internet or smartphone and 99 percent of cash withdrawals are made at an ATM, said the bank.

On Feb. 18, the bank said it will cut 35,000 jobs over three years. With most of its revenue made in Asia, the bank’s reported profit before tax declined by 33 percent to 13.3 billion U.S. dollars in 2019. Enditem

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