HSBC has announced plans to close its branch in Peckham this summer, amid a raft of closures throughout the country.
The HSBC branch on Rye Lane will close its doors for good August 2.
Seven other closures of HSBC branches in South London are set to happen throughout the summer months, affecting around 400 staff.
These are in Peckham, Sidcup, Eltham, New Malden, Beckenham, Wandsworth and Kingston upon Thames.
HSBC is not the last bank in Peckham, and a Post Office, where people can withdraw money free of charge, is 0.3 miles away.
All 400 staff will be deployed to new roles within 15 miles of their homes, said a spokesperson for the bank.
A total of 69 branches will be shut in the UK, as HSBC says more customers are switching to online banking.
HSBC said that less than 50% of its customers now regularly use it branch network, with footfall dropping sharply over the past five years.
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Yet “millions of people in the country are still unable to use online banking”, say consumer group Which.
Using online services can be challenging for the elderly or those in more unstable conditions, who lack consistent internet or a fixed address.
Nearby shops and the high street are also hit hard by bank closures as visitors are left without a way of accessing cash locally, according to Which.
“The way people bank is changing – something the pandemic has accelerated,” said Jackie Uhi.
“Our branches continue to support people with their more complex banking needs, but the way we can do this has also evolved, with the addition of banking hubs, community pop ups and continued use of the Post Office network.”
The closures, she added, would enable the bank to invest more in locations where customers are still using physical branches, and invest in digital and mobile services.
In January 2021, HSBC announced 82 closures, reducing its network of branches from 593 to 511.
Only 441 will be left by the end of 2021, with 96 of these offering a full range of services in store.
Today’s announcement is the latest in a series of closures by a variety of banks in the UK, including NatWest, TSB, Barclays, Lloyds and Halifax.