Moneycontrol Be a Pro
Get App
you are here: HomeNewsWorld
Last Updated : Jun 10, 2015 08:05 AM IST | Source: Reuters

HSBC will rebrand UK retail bank, says to cut up to 8k jobs

HSBC CEO Stuart Gulliver also said between 7,000 and 8,000 jobs would be cut in Britain, or about one in six of its staff. He expects those cuts to be by "natural attrition", noting that turnover in the business is about 3,000 staff a year.


HSBC will rebrand its British retail banking unit as part of the separation of the business and the bank said it was not certain it will even keep the division.


HSBC CEO Stuart Gulliver also said between 7,000 and 8,000 jobs would be cut in Britain, or about one in six of its staff. He expects those cuts to be by "natural attrition", noting that turnover in the business is about 3,000 staff a year.


New UK rules require HSBC to separate its domestic retail business by 2019, and sources have said it could sell the business. Gulliver said a decision had not been made.

Close

"The question for us will be around our ability to control the dividend coming from the ring-fenced bank and to make sure that the strategy of the ring-fenced bank is complimentary to the strategy of the group," he said.


"We will need to see how the PRA looks at the implementation of the legislation so it's far too early today to make any statements about whether we will keep the ring-fenced bank or not keep the ring-fenced bank."


He added: "We will operate with a different brand name. We haven't decided what that brand name will be and we're going to consult customers and our own staff over the next few months to decide what we might call this bank."



The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .
First Published on Jun 9, 2015 03:40 pm
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant
Make every wish come true
10% CashBack on Apparel
10% CashBack on Electronics
Swipe & Win iPhone 11 every hour