Bosses of major banks defend branch closures to MPs

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. Speaking to the Treasury Committee about branch closures, Ian Stuart, chief executive of HSBC UK, said the bank is “absolutely committed to a physical footprint in the UK”. “But we recognise we need to look after all of our customers and make sure that we support particularly vulnerable customers.” I definitely refute the idea that we rely on inertia, I don't think that's in any way representative of the way we design products or the way we engage customers Matt Hammerstein Lloyds Banking Group chief executive Charlie Nunn told MPs: “We remain very committed to our branch network.” The bosses were also asked whether banks rely on customer inertia over moving accounts. Matt Hammerstein, chief executive at Barclays UK, said: “I definitely refute the idea that we rely on inertia, I don’t think that’s in any way representative of the way we design products or the way we engage customers.” He said customer feedback to Barclays suggested customers had lost their savings habits, and the bank had designed its product range to support them. “Five and a half million emails went out recently to customers… we’re actively trying to bring customers on to the good savings products that we’ve launched.” Asked whether that was marketing, Mr Stuart said: “I think our products are very competitive.