Halifax woes a sign of things to come

The steep decline in bank business is likely to precipitate a wide range of branch office closures

20th February, 2010

Just days after Halifax closed its 44 retail branches because they were unprofitable, data released by the Irish Banking Federation (IBF) last week highlighted the pressures facing the branch networks of other banks.

The IBF, the banking industry’s representative group, had grim news on the collapse in mortgage lending. This has long been considered the cornerstone of profitability for individual branches, and the most lucrative way to make money from personal customers.

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