Wednesday newspaper round-up: HSBC, Brexit, Southern Rail, BP

HSBC has revealed that it is shutting more than four branches a week and that at least 57 more will be axed in the first few weeks of 2017. High-street banks have closed more than 1,000 branches in the UK during the past two years, according to consumer body Which?. It has called on banks to consult with communities before implementing closures to ensure that the needs of their customers are being met. The organisation said its research had found that 1,046 bank branches were shut, or due to shut, between January 2015 and January 2017. It added that HSBC had axed the most branches over this period: a total of 321, representing a quarter of its network. HSBC told the Guardian it had closed 222 in 2016 alone, taking its current tally to 755. – Guardian

Tens of thousands of banking jobs could be lost to continental Europe from next year if ministers do not agree a transitional deal on single market access with the EU, a Lords report on financial services after Brexit is expected to warn. Peers on the committee, due to report on Thursday, have been struck by the urgent need for financial institutions to make decisions on their location because they cannot wait until the end of Brexit negotiations in 2019 to find out if they can trade in the single market from London. – Guardian

Taxpayers are footing a £50 million bill for the biggest series of rail strikes in a generation, while the company in charge of the train line stands to save money, it has emerged. The walkout by drivers and conductors on the Southern rail line led to trains being cancelled for 300,000 commuters in the South Easton Tuesday, prompting ministers to indicate that they are prepared to strengthen anti-strike laws. – Telegraph

BP is struggling to maintain safety standards at some of its biggest manufacturing sites, according to a leaked internal report that has exposed serious flaws in its monitoring of operations at refineries and chemicals plants. At least two potentially fatal “near misses” have taken place at BP plants at Whiting in the US state of Indiana and at Hull in the UK in recent years, the report said. – The Times

The US Federal Reserve is poised to raise interest rates today for only the second time in a decade. In doing so, it will be setting out on a different path from the Bank of England and most western central banks. With economists unanimous in forecasting an increase, the first since last December, the focus has shifted to projections for future rises and Janet Yellen’s handling of press questioning now that Donald Trump, a prominent critic, is president-elect. – The Times

Britain’s attempt to resist tougher sanctions against cheap Chinese imports was finally overcome yesterday after the European Council agreed to boost its trade defences. The council hailed a “breakthrough” agreement that would allow the EU to introduce higher, US-style tariffs to protect against dumping, the sale of exports below the cost of production. It comes as China pushes for market economy status under World Trade Organisation rules. – The Times