HSBC to Rebrand UK High Street Bank As Global Shakeup Sheds 25,000 Jobs

HSBC’s red and white hexagonal logo is to disappear from UK high streets as the bank embarks on a restructuring that will involve up to 25,000 jobs cuts around the world – including as many as 8,000 in the UK – and hundreds of branch closures. Stuart Gulliver, chief executive of Britain’s biggest bank, said customers and staff would be consulted on a new name for the 1,000-strong branch network in the UK. But he said it was too soon to say whether HSBC would retain ownership of the UK operations. In a detailed presentation to shareholders Gulliver also set out the criteria the bank will use to decide whether to keep its headquarters in the UK, where it has been based since 1992 when it moved from Hong Kong to enable the takeover of Midland bank. A decision will be made by the end of the year.