Up to 50 per cent of all high street bank branches in the UK will close at some point before 2020, new research has suggested.
A report released this morning (16 July) by global property firm Jones Lang LaSalle (JLL) has suggested that the physical presence of financiers is set to decline sharply over the course of the next eight years, the Independent reports.
Despite the fact the government has insisted it will encourage the creation of new lenders to increase the level of choice available to consumers away from major banks such as HSBC, Barclays and Santander, JLL believes closures will become increasingly common in the coming years.
James Brown, head of European retail consulting at the organisation, said this offers proof that the financial landscape in the UK is changing.
"New entrants are emerging, which is good for competition and consumer choice, but these operators will not want to absorb all the legacy property portfolios that the UK banks have amassed," he added.
By Asim Shah