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Category: Banking News

Barclays To Close Third Northamptonshire Branch

With consumers using online banking more frequently, it is inevitable that high street branches will be closing their doors.

Barclays has announced the closure of a third Northamptonshire branch.

Barclays stated customers are increasingly using “alternative” ways of banking.

The Weston Favell branch will close on 22 March 2022.

Barclays said they are safeguarding their staff and there would be no redundancies.

Barclays recently announced its branches in Daventry and Towcester would close in February.

A spokeswoman said: “We will work with our customers and provide alternative options.”

In a recent report detailing the reasons for the closure, Barclays confirmed that the footfall had decreased and that only 40 customers used the branch as their only way of banking. This means that over 90% of its customers now used other methods of banking including online and by telephone.

A spokeswoman for Barclays said deciding to close a branch was “never an easy one and that an 8% drop in over-the-counter transactions in the two years before the pandemic has caused the bank to make this decision”.

Nearby branches in Wellingborough Road and The Drapery will remain open.

https://www.bbc.co.uk/news/uk-england-northamptonshire-59461218

#onlinebanking #telephonebanking #barclaysbank #bankclosures #barclaysclosures

Revolut chief hopes for banking license by start of 2022

REVOLUT

Revolut chief hopes for UK banking license by start of 2022

Nik Storonsky Chief executive of the London-based digital banking app Revolut says lack of liquidity remains a hurdle for London listings, he hoped to secure a UK banking license early in 2022.

“We are getting closer, especially with the UK banking license,” said Storonsky at the FT’s Global Banking Summit. “And we are about to submit our full US banking license application, hopefully in the first quarter.”

In October, Monzo withdrew its application after regulators said it was unlikely to be approved.

Acquiring a banking license was an important move to Revolut to build consumer trust.

Nick said, “A lot of consumers trust banks rather than fintechs so the UK and US bank license will increase trust and business metrics.”

In July, an $800m fundraisings gave Revolut a $33bn valuation, making it the biggest private technology company in British history which would mean that Revolut would be one of the most valuable companies ever to join the London Stock Exchange.

“Obviously, if a stock market in the US is 100 times larger compared to the UK then it might be the primary reason why a lot of companies choose to list in the US.”

In March and April, 2020 revenue fell by 40%, and the company significantly outperformed its pre-Covid performance in terms of gross profit growth and entered new businesses.

“We were all thinking initially it was scary but overall it was very positive for the company,” he said.

He also dismissed the attempts of JPMorgan and Goldman Sachs to compete for younger customers by offering more digital products. “They are not even in the top 50 providers,” he said.

Storonosky said “certain legacy banks become faster” but claimed they were “still not innovative enough”

He added that he had witnessed a trend of disruption amongst other fintech and had “decreased” their offering.

Revolut had been fortunate to enter the crypto products market in 2017, ahead of most competitors.

Nick concluded by saying “Now it’s very popular. We will continue to invest [in crypto] because it means the more revenues and gross profits the business makes, the more it makes sense to invest and go deeper into the product.”

#challengerbank #revolut #bankinglicense #fintech #neobank #NickStoronosky

High Street Bank TSB To Close Branches.

Online Digital Banking is causing people to visit local branches less often and TSB plan to close 70 branches next year. Approximately 150 jobs will be affected, although the bank will offer their staff alternative roles.

TSB stressed that it will continue to have the seventh largest branch network in the UK, at more than 200.

TSB’s chief customer officer, Robin Bulloch, said: “Closing branches is an incredibly difficult decision to take, but we have to respond to the changes in the way people bank and provide the right mix of services for all our customers now and into the future. These changes allow us to maintain an extensive branch presence across the country. They are accompanied by a significant investment programme to upgrade branches to better suit customer needs and, where it takes longer to get to the nearest branch, we will introduce more ‘pop-up’ services in communities.”

Here is the full list of planned closures

TSB branches that will close next year

Aylesbury – 1-3 Market Street – April 19, 2022

Bath – 10 Quiet Street – June 15, 2022

Bermondsey – 253/255 Southwark Park Road – April 27, 2022

Bishop’s Stortford – 3 The Corn Exchange – May 26, 2022

Bromley – 58 High Street – May 18, 2022

Bury St Edmunds – 8 Guildhall Street – May 26, 2022

Camberley – 54 High Street – May 5, 2022

Cambridge – 6 St Andrews Street – April 20, 2022

Carolgate – 1 Carolgate – May 24, 2022

Cleveleys – 77 Victoria Road West – June 8, 2022

Colchester – 2 Culver Street West – May 31, 2022

Coldside – 101 Strathmartine Road – April 13, 2022

Cirencester – 37 Market Place – June 14, 2022

Denton – 38 Ashton Road – May 17, 2022

Ealing – 31 New Broadway – May 5, 2022

Eastbourne – 76 Terminus Road – May 17, 2022

Ellon – 36 Bridge Street – April 19, 2022

Exeter – 6 High Street – June 21, 2022

Forfar – 20 East High Street – April 14, 2022

Forres – 156 High Street – April 27, 2022

Fort William – 6 Tweedale High Street – April 20, 2022

Frodsham – 96 Main Street – June 22, 2022

Garston – 6 Speke Road – June 9, 2022

Gateshead – 264 High Street – May 10, 2022

Gillingham – Sydenham House – June 15, 2022

Greenwich – 6 Crescent Arcade – April 28, 2022

Harlesden – 58 High Street – April 28, 2022

Horsham – Unit 1 – May 12, 2022

Kirkintilloch – 4 Alexandra Street – April 28, 2022

Lanark – 25 Bannatyne Street – April 27, 2022

Longbridge – 1401 Bristol Road South – June 28, 2022

Louth – 11-13 Eastgate – May 24, 2022

Magdalen Street, Norwich – 65 Magdalen Street – June 28, 2022

Maidstone – 16 High Street – May 10, 2022

Market Hill – 17 Market Hill – June 16, 2022

Maryport – 109/111 Senhouse Street – May 10, 2022

Melton Mowbray – 23-25 High Street – June 1, 2022

Morden – 66 London Road – May 11, 2022

Morecambe – Lunedale House – June 7, 2022

Nelson – 23 Manchester Road – May 18, 2022

Newbury – 26 Northbrook Street – June 7, 2022

Newton Aycliffe – Unit 3B, Greenwell Road – May 3, 2022

Northallerton – 164 High Street – May 3, 2022

Ossett – 3 Wesley Street – May 17, 2022

Oxford – 17 George Street – June 7, 2022

Redcar – 87-89 High Street – May 4, 2022

Redditch – 4 Unicorn Hill – June 2, 2022

Romford – 3 Stewards Walk – May 31, 2022

Ross-On-Wye – 9a Gloucester Road – June 22, 2022

Rushden – 133 High Street – April 21, 2022

Sherwood – 583 Mansfield Road – June 29, 2022

Shrewsbury – 45 High Street – June 28, 2022

Solihull – 58 Poplar Road – June 1, 2022

Southend-On-Sea – 32 London Road – June 2, 2022

Stranraer – 21 Castle Street – April 28, 2022

Sutton – 79 Ellamsbridge Road – May 26, 2022

Swaffham – 61 Market Place – May 24, 2022

Taunton – 34 North Street – April 12, 2022

Thornbury – 9 St Mary’s Way – June 9, 2022

Thurso – 12/14 Traill Street – April 21, 2022

Tunbridge Wells – 62 Mount Pleasant Road – May 19, 2022

Uxbridge – 24 Chequers Square – May 4, 2022

West End – 68 Baker Street – May 4, 2022

Weston-super-Mare – 12 Walliscote Road – June 23, 2022

Wilmslow – Emerson Court, Alderley Road – June 14, 2022

Wimborne – 5 The Square – April 13, 2022

Winsford – 160 High Street – June 21, 2022

Woodseats – 1 Abbey Lane – June 15, 2022

Worcester – 24 Mealcheapen Street – June 21, 2022

Yeovil – King George Street – April 12, 2022

#LloydsTSB #TSB #TSBBank #TSBBranches