HSBC to rename UK retail arm

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HSBC plans to change the name of its ring-fenced UK retail banking arm as part of an overhaul that will see 8,000 jobs slashed.

The Telegraph reports the bank, which employs 26,000 staff in the UK, plans to change the name of its branch network once it has been legally split from its global operations.

This will see the HSBC brand and logo disappear from Britain’s high streets.

Speaking at an investor day, HSBC chief executive Stuart Gulliver said: “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 news comes on the same day HSBC confirmed 25,000 jobs will be slashed in a global cost-cutting drive, including 8,000 roles in the UK.

The bank is also considering relocating its global headquarters away from the UK.