The HSBC, Royal Bank of Scotland and Barclays are reportedly set to close 400 UK branches this year.
Reuters cited people familiar with the matter as saying that HSBC was set to close the highest number, with about 200 branches this year. That is about a fifth of the bank’s UK branches and a third more than it closed last year.
It was understood RBS and Barclays were planning on closing about 100 branches each.
All three banks said in separate statements they were reducing their branch networks as customers increasingly turn to banking online or via mobile.
Each bank said they had put in place measures to mitigate customer concerns, with HSBC forming a partnership with the Post Office and Barclays teaming up with supermarket chain Asda to continue offering services.
“The bank closures will accelerate the death of the British high street,” Derek French, director of the Campaign for Community Banking told Reuters.
“This will particularly have a knock on impact on local businesses and the elderly.”