HSBC to axe 8,000 UK jobs and rebrand

The bank has targeted making £5bn of annual savings by the end of 2017 by cutting nearly 10% of its 266,000 global workforce. HSBC has 47,500 UK-based employees across its 1,050 branches.

Stuart Gulliver, HSBC group chief executive, said: “HSBC has an unrivalled global position: access to high growth markets; a diversified universal banking model with strong funding and a low risk profile; and strong internal capital generation with industry leading dividends.

“The world is increasingly connected, with Asia expected to show high growth and become the centre of global trade over the next decade. I am confident that our actions will allow us to capture expected future growth opportunities and deliver further value to shareholders.”

Meanwhile Gulliver also revealed at an investor day:: “We will operate with a different brand name, we haven’t decided what it is, we’re going to consult with customers and staff.”

In Asia HSBC has targeted developing a business in the Pearl River Delta in Guangdong province, China, and another in Southeast Asia. HSBC also announced that it will sell its operations in Turkey and most of Brazil as part of the restructure.

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