After closing HFC and Beneficial branches in the United States these same entities are now closing in the U.K.: HSBC has announced plans to close 100 high street branches of its sub-prime division Beneficial Finance, putting 450 jobs at risk.

Britain’s biggest bank blamed the deteriation in the economy for the decision, which will also see the remaining 25 branches closing to new business.

It said the sub-prime division which includes Beneficial Finance, known as HFC, had become unprofitable since the economic downturn took hold and the number of borrowers defaulting on loans started to climb.

Around 1,200 are employed in the HFC division. HSBC said it was working with employees at risk of redundancies to try and secure work elsewhere.

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3. 107 HFC and Beneficial branches might close
4. Report of 12 to 14 Southern Division offices closing
5. California Division Beneficial employees opinion expressed