HSBC to be branded with new name

zerog

So will HSBC Premier become Midland Premier?

I presume FD and M&S will still be able to use Midland branches?

Anthorn

zerog wrote: »

So will HSBC Premier become Midland Premier?

I presume FD and M&S will still be able to use Midland branches?

Lloyds resurrected TSB so I don't see any reason why HSBC should not resurrect Midland Bank. It's a name which is still recognised. I know a few friends who still refer to HSBC as "The Midland".

gt94sss2

Heng_Leng wrote: »

If they 'left' then this would relate to the HQ only - they would either keep the non-HQ operations or sell them.

In the HSBC presentation they gave this week, they said that only 2k of the 46,000 people they employ in the UK related to their group HQ.

However, if the company was no longer HQ'ed in the UK, the loss of tax revenue would be much greater than just those jobs.

The other job losses they expect in the UK seem to be coming largely from branch closures as we are all using them less - if HSBC did sell/spin off their UK operation, I expect those cuts would still happen though there is a small possibility that any new bank woudn't want so many closures.

Regards
Sunil

System

From a jobs perspective, this is all speculation as they may simply move the nameplate to HK and any Lazarus Midland Bank would probably need a group HQ function setup...

As regards tax revenue, currently it won't directly affect me in any shape or form. By the time HSBC would complete any HQ move, it's probable that Scotland will have it's own corporation tax 'pot' so there wouldn't be even an indirect hit

gt94sss2 wrote: »

In the HSBC presentation they gave this week, they said that only 2k of the 46,000 people they employ in the UK related to their group HQ.

However, if the company was no longer HQ'ed in the UK, the loss of tax revenue would be much greater than just those jobs.

planteria

zerog wrote: »

So will HSBC Premier become Midland Premier?

if they choose to resurrect the Midlands name then yes, i would assume so.

zerog wrote: »

I presume FD and M&S will still be able to use Midland branches?

& yes, i would assume so too. that's all part of HSBC's UK banking.. and changing the name does not mean they have to, or would have any incentive to, change any of those things.

Lith

It will be First Diect, or M&S Bank,

I'll be surprised if it was actually Midland bank lol....

Several websites report, that they will move hsbc account holders to First Direct.

Thrugelmir

Heng_Leng wrote: »

As regards tax revenue, currently it won't directly affect me in any shape or form. By the time HSBC would complete any HQ move, it's probable that Scotland will have it's own corporation tax 'pot' so there wouldn't be even an indirect hit

The wider trend of downsizing and consolidation though would have an impact on Scotlands financial services sector. One wonders ultimately what will be left of RBS. A Williams and Glyns branch network in Scotland?

TomJ

This seems to give more detail on the whys and wherefores of the situation:

http://coppolacomment.blogspot.co.uk/2015/06/bringing-back-griffin.html

WestonDave

Lith wrote: »

It will be First Diect, or M&S Bank,

I'll be surprised if it was actually Midland bank lol....

Several websites report, that they will move hsbc account holders to First Direct.

Given that many of the HSBC high street customers are probably long term elderly customers who will remember the old Midland brand, reverting to that makes some sense.

My understanding is that HSBC will look to dispose of the traditional high street retail banking as the profits don't justify the regulatory hassle in keeping it. First Direct is a different beast and it would be surprising if that brand is diluted (polluted?) by moving high street customers to it. They might select some and move the sort of customers that FD already has but not a global shift of everyone.

M&S might like to brand banking and energy etc to gain a bit of commission but I doubt they want to actually run a bank - which is the only way they'd agree to brand the new HSBC as M&S.

So my guess is that it will either be a revived Midland or a completely new brand - either way it will then be sold off as a seperate entity as from what I hear HSBC don't really want it any more.

Lith

WestonDave wrote: »

Given that many of the HSBC high street customers are probably long term elderly customers who will remember the old Midland brand, reverting to that makes some sense.

My understanding is that HSBC will look to dispose of the traditional high street retail banking as the profits don't justify the regulatory hassle in keeping it. First Direct is a different beast and it would be surprising if that brand is diluted (polluted?) by moving high street customers to it. They might select some and move the sort of customers that FD already has but not a global shift of everyone.

M&S might like to brand banking and energy etc to gain a bit of commission but I doubt they want to actually run a bank - which is the only way they'd agree to brand the new HSBC as M&S.

So my guess is that it will either be a revived Midland or a completely new brand - either way it will then be sold off as a seperate entity as from what I hear HSBC don't really want it any more.

Has a date been confirmed? i have several accounts with HSBC, including a credit card... i assume it will all shift over to midland etc or whatever they decide. ?