Banking giants RBS and NatWest last week announced that a combined 160 branches are set to close this year, 30 RBS and 128 NatWest.
The bank, which is 80% owned by tax payers, said 770 staff will be affected although hundreds of these are expected to be redeployed in the remaining branches.
A “dramatic shift” in banking has been blamed for the closures, with transactions in branch falling 43% in the last seven years while there has been a 400% increase in the number of online and mobile transactions.
“We interact with our customers over 20 times more through digital channels than physical ones. As customers change the way they bank with us, we must change the way we serve them,” he said
“The role of the branch is fast moving to a centre for advice, away from basic transactions. While the branch will still be a core part of our offering to customers, inevitably some branches will have to close.”
There is some good news for Swindon and the surrounding area as none of our local branches have been earmarked for closure.
RBS still remains majority-owned by tax payers following its multi-billion government bailout almost a decade ago will end the year with 151 branches remaining and Natwest 856.
Unite union acting general secretary Gail Cartmail accused the bank of “turning its back” on the communities that have kept it in business for generations.
“Banks have a duty to the wider community and that is especially the case for banks like RBS that have large taxpayer-owned shareholdings,” she said.
“People like the face-to-face contact that having a physical presence in the high street provides. It’s time for banking regulators and government to intervene, to force banks to maintain an adequate network that properly serves communities across the UK.”
