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WATCH ON DEMAND FROM 25 Jan 2021
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HSBC UK's days are numbered after CEO announces rename and ring-fence

HSBC is set for a complete overhaul in the UK as part of an international restructure which could see 8,000 British jobs cut.

The global reshuffle will see the end of the HSBC brand in the UK, with Stuart Gulliver, HSBC group chief executive, announcing in an investment meeting that the customer-facing business was to be ring-fenced.

As a result, the branding and logo of the bank, which has frequented high streets across the country will be dropped after two decades.

The firm, which is currently weighing up moving its headquarters from the UK, will have to separate its UK businesses under legislation to be implemented by the Bank of England in 2019.

Gulliver said: “HSBC has an unrivalled global position: access to high growth markets; a diversified universal banking model with strong funding and a low risk profile; and strong internal capital generation with industry leading dividends.

“We recognise that the world has changed and we need to change with it.”

Later adding: "We will operate with a different brand name, we haven’t decided what it is, we’re going to consult with customers and staff."

The ring-fenced operation will be run from Birmingham.

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