HSBC to be branded with new name

starM

It does say:-

This Birmingham-based bank will employ 26,000 staff and will not use the HSBC name.

The Midland name could now be resurrected.

I will be interested to see if the new name is Midlands Bank. I think Midlands first bank opened up in Union street, Birmingham.

Scarpacci

saintalan wrote: »

opportunity for bonus switching:)

Unless the bank actually changes ownership (which is a possibility HSBC has mooted), I don't think we'll see a big change in HSBC's attitude towards attracting customers which is, at best, indifferent.

Admittedly, the latest loyalty ISA was quite attractive and the changes to the advance account made it more so. But they've thus far not shown any great interest in competing with the likes of TSB or Santander for interest-paying current accounts. Should they decide to spin it out or sell it off, new owners might be more interested in growing market share.

I think it was disingenuous of the CEO to suggest the name change has nothing to do with whether HSBC will spin out the UK bank. The suggestion this is so business accounts will know whether they're dealing with HSBC the retail bank or HSBC the global investment bank is frankly laughable. Is there any other country in the world where they have a universal presence under two different brands? It's a clear step in the direction towards being able to hive it off, if they so choose.

Thrugelmir

GTR_King wrote: »

So no more HSBC In the uk.. Glad i switched banks earlier this year

Rebranding will relate to retail operation which has to be ringfenced. HSBC will no doubt remain as a Corporate business.

Splitting the business away paves the way for a potential sale of the operation as well.

chick21

Would this affect mortgages with them?

le_loup

chick21 wrote: »

Would this affect mortgages with them?

How on earth do you think it can?

InsideInsurance

chick21 wrote: »

Would this affect mortgages with them?

Yes, your annual statements will come with the new branding and if you phone them they'll answer the phone with the new brand name.

This really is a storm in a teacup, 25,000 job losses not being mentioned but what logo is going to be top left of your statments is a major thing?

Archi_Bald

InsideInsurance wrote: »

This really is a storm in a teacup, 25,000 job losses not being mentioned but what logo is going to be top left of your statments is a major thing?

Very true. Worth saying though that it's "only" 8,000 job losses in the UK. It's a lot of people nonetheless needing a job elsewhere, and I hope they will all soon find alternative employment.

chazzee

The bank hopes many of the job losses will come from attrition, by not filling posts that are vacated. (source HSBC).

However, there will obviously be some losses: The group also delivered a blow to customers by announcing aims to trim its worldwide network of branches by 12%, with the UK being one of seven regions to be impacted. It declined to give further details for UK branch closures.

Mysteek

Brings back memories, I was made redundant from The Midland Bank at the end of 1987!!

planteria

i'm not concerned about it, as a customer, at all. i would rather it was renamed Midland Bank. i have personal and business banking with them, with good service, albeit Premier on the personal side. i would like interest on the current account, and would 'reward' them with more money if they paid it.. but the Regular Saver is still market-leading.

the job losses, and the potential loss to the tax take of HSBC Bank plc leaving Canary Wharf for Hong Kong ought to be a concern for all of us, though. and putting the endless bank-knocking aside, George Osborne will be very keen for them to retain their London base. it will be sadly ironic if the EU forces Europe's largest bank out of the UK, to Asia, followed by our exit from the EU.