HSBC said it planned to axe 82 branches in Britain this year after a drop in footfall across its retail network and a surge in digital banking. The lender said it would be left with 511 branches in the UK following the closures, with many of the remaining branches set to be remodelled with some providing fewer services. A spokesperson for HSBC said the bank would aim to redeploy staff affected to nearby branches where possible, adding that customers would see the removal of counter services in some of the retained branches. The Covid-19 pandemic has dented bank finances, putting pressure on lenders to cut costs, while more customers have opted to bank online as people have been encouraged to stay at home to combat the spread of the virus.
India still in bottom half of EM league table
India moved up three rungs to the sixth position among key emerging markets last month, the latest update to Mint’s emerging markets tracker shows. A decline in inflation and uptick in manufacturing activity aided India’s rise in December.
A sharp fall in vegetable prices and a favorable base effect helped bring down overall inflation numbers in December. However, a possible rise in commodity prices in the coming months means that the outlook for inflation remains clouded. Unless inflation is contained and other indicators see a fast improvement, it will be difficult for India to climb up the emerging markets rungs in the coming months.