Brought to you by
Countingup logo

Accounting and banking in one place.

Save content
Have you found this content useful? Use the button above to save it to your profile.

More than 800 bank branches closed in 2017

2nd Jan 2018
Brought to you by
Countingup logo

Accounting and banking in one place.

Save content
Have you found this content useful? Use the button above to save it to your profile.

At the beginning of December, the BBC ran a story that RBS was to close 1 in 4 branches.

RBS is closing 259 branches - one in four of its outlets - and cutting 680 jobs as more customers bank online.

 

The bank said use of its branches by customers had fallen 40% since 2014.

The Times recently summed up what has been happening across the industry in 2017.

More than 800 bank branches closed this year.

 

The number of closures, 802, is believed to be a record. The five biggest banks now account for fewer than 6,000 branches, compared with 11,240 20 years ago.

We're increasingly banking online and on our smartphones. The change in the delivery method for banking from branch to online is similar to the switch away from purchasing in-store DVDs to streaming music online that was the downfall of Blockbuster.

Tags: