Friday 24 November 2017

HSBC brand to disappear from UK's high streets as bank renames branches

HSBC is planning thousands of layoffs worldwide
HSBC is planning thousands of layoffs worldwide

James Titcomb

The HSBC name will disappear from Britain's high streets once the UK's largest bank has completed the work of ring-fencing its customer-facing business under new rules.

The bank, which also employs about 450 people in Ireland, plans to change the name of its branch network once it has been legally separated from the financial giant's global operations.

This will result in the HSBC brand and logo disappearing from Britain's high streets more than 20 years after the bank acquired Midland Bank.

The lender could revive the Midland Bank brand or broaden the use of First Direct, the name of HSBC's online bank - which has much higher customer ratings than its high street operations.

Stuart Gulliver, the bank's chief executive, announced the move on Tuesday, during an investor day at which the bank outlined thousands of job losses. The job cuts are not expected to affect staff in the Republic of Ireland.

Promoted Links

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Also in Business