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HSBC to see UK retail arm split as 8,000 lose jobs


HSBC chief executive Stuart Gulliver has announced that 8,000 UK jobs will be cut as the global bank plans to split its UK retail arm from its global operations.

HSBC will now also change the name of its ring fenced UK retail banking arm once it has legally split, and the HSBC logo will disappear from British banks. Naming options could include reviving the Midland Bank brand, which it bought in 1992, or adopting the name of its UK online bank, First Direct. The announcement marks the second major strategy plan Gulliver has announce since taking up the role in 2011.

HSBC employs 48,000 workers in the UK and a total of 266,000 workers across the globe. Gullivers strategy plan means that a total of 25,000 jobs could be axed globally, meaning almost 10% of the banks workforce.

Speaking at an investor day, Gulliver said:
"We recognise that the world has changed and we need to change with it. That is why we are outlining the following... strategic actions that will further transform our organisation."

"Asia [is] expected to show high growth and become the centre of global trade over the next decade. Our actions will allow us to capture expected future growth opportunities."

“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 bank has also expressed interest in relocating its global headquarters from the UK.

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