In the wake of HSBC rebrand/job cuts...should I leave?

SmellyPetrol

I'm probably over-reacting, but with the magnifier on HSBC at the moment - i'm seeing nothing but negative movement from them.

With this recent news of closing branches and a threat to leave the UK...plus the rebrand, i'm considering leaving them.

Am I over reacting?

Cheers
SP

dingdong3000

Why not wait and see what they come up with in due course?

I'm guessing the move is to prepare themselves UK leaving EU which is looking very likely come 2017..

EarthBoy

SmellyPetrol wrote: »

Am I over reacting?

Yes you are.

jimjames

SmellyPetrol wrote: »

I'm probably over-reacting, but with the magnifier on HSBC at the moment - i'm seeing nothing but negative movement from them.

With this recent news of closing branches and a threat to leave the UK...plus the rebrand, i'm considering leaving them.

Am I over reacting?

Cheers
SP

Has any of this affected the accounts they offer you?

I'd move from HSBC based on the rubbish accounts and lack of interest not where their HQ is based.

Vortigern

SmellyPetrol wrote: »

Am I over reacting?

Are you asking as a customer, or a shareholder?

Customers have the protection of the FSCS up to £85,000

Shareholders need their crystal balls (as always)

I'm concerned to see job losses so soon into a government that supposedly looks after "hard working people"©

TheEffect

Will the rebrand affect First Direct at all? I'm guessing this is a separate part of the bank that won't be rebranded...

Thrugelmir

SmellyPetrol wrote: »

I'm probably over-reacting, but with the magnifier on HSBC at the moment - i'm seeing nothing but negative movement from them.

HSBC's stance merely reflects the continued downsizing of the global banks. RBS has been downsizing for years. Barclays likewise.

PeacefulWaters

Every bank has made significant job cuts over the last few years.

If their service is rubbish or their products are rubbish, move on.

colsten

OP, assuming you are asking as a customer (as opposed to shareholder and/or employee): what sort of accounts do you have with HSBC? What do these accounts offer you won't get anywhere else?

In answer to the last question: they offer me £120 if I put £300 into their loyalty ISA. That is a stonkingly good AER and a deal not to be missed. They also offer me a 6% regular savings account, into which I can deposit £250 a month. This is on par with FD and M&S, and I use all three of them for this purpose.

I can't see much other benefit in other HSBC accounts for myself, and that's why I have other accounts with other banks. This week's HSBC announcement makes no difference to me.

pinkdalek

SmellyPetrol wrote: »

I'm probably over-reacting, but with the magnifier on HSBC at the moment - i'm seeing nothing but negative movement from them.

With this recent news of closing branches and a threat to leave the UK...plus the rebrand, i'm considering leaving them.

Am I over reacting?

Cheers
SP

They probably wouldn't give a toss.
Which is why you should switch to someone who will offer you something for banking with them. Many out there at the moment and it is a lot easier nowadays to swap from bank to bank.

planteria

good use of HSBC colsten:) the other two RegSavs are HSBC-backed, of course, so fair play for maxing it. and you must have good reasons for using your ISA allowance for cash.. and that's a good deal, no doubt.

TheEffect wrote: »

Will the rebrand affect First Direct at all? I'm guessing this is a separate part of the bank that won't be rebranded...

there is talk that they may even use First Direct as 'the brand' for HSBC in the UK. but that wouldn't seem a good fit to me. back to Midland Bank, or something completely new i'd have thought:think:

and true pinkdalek. but perhaps, rather than moving, it is worth following colsten's lead and retaining the benefits of banking with HSBC along with opening accounts elsewhere, for current account interest, monthly rewards, travel insurance...