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

Anthorn

There is something of a fallacy associated with HSBC and that is that they are a British bank. But last time I looked Hong-Kong and Shanghai is not in Britain. But pundits are predicting that the current events are a re-orgainisation in which retail banking will be separated from Investment banking in line with a request from the regulator. Personally, I would stay and see how that pans out.

planteria

your geography is spot on.. but the HQ is in London, England:cool:

spenderdave

Far too many on MSE over-reacting. We don't know the full details or the timescales, but I imagine for most people there will be very little effect unless your local branch is on the list to be closed. HSBC is not going out of business in any form, it is hardly in the same camp as RBS etc. Wait and see - and their restructuring may well mean following others and introducing interest paying current accounts, who knows.

planteria

i really hope so. dropping their monthly fees for business accounts would be good too;)

colsten

planteria wrote: »

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..

Just to clarify, I deposited £300 into the HSBC Loyalty ISA on April 6 this year. £14,940 went into an S&S ISA same day.:cool:

PaulW922

I agree with much of the above - this is just a rebranding. First Direct was called that when the bank was called 'Midland' and they stuck with the name when HSBC bought Midland and then rebranded the bank.

HSBC is making some waves right now as it is a prized presence in the UK and the bank levy is costing it dear (and bear in mind HSBC took no Government help at all during the bailouts). It is also nailing its colours to the mast over the EU referendum. (Incidentally I don't think a UK exit is 'very likely come 2017' as suggested above. In fact every poll I have seen says quite the opposite - thought they didn't call the election very well) ).

eDicky

Anthorn wrote: »

There is something of a fallacy associated with HSBC and that is that they are a British bank.

I don't think it's a fallacy, their origins are in the far east but also British. They grew to become a global bank but their original name seems to be appropriate once again as they pull back from developed economies whilst accelerating growth plans in the Pearl River Delta near Hong Kong and Macau, and other parts of Asia.

CKhalvashi

dingdong3000 wrote: »

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

Why is it looking likely?

The MSE poll when I looked was more for than against the EU, as have several others.

Are you a Kipper by any chance?

dingdong3000

CKhalvashi wrote: »

Why is it looking likely?

The MSE poll when I looked was more for than against the EU, as have several others.

Are you a Kipper by any chance?

I would rather be in EU to be frank but i know there are vast number of English who don't know the consequences of voting no.

Ultimately the British people will decide and we will find out soon enough.

Anyway this is getting OT so i'll stop.

planteria

dingdong3000 wrote: »

I would rather be in EU to be frank but i know there are vast number of English who don't know the consequences of voting no.

most people don't know the implications either way, but the line we are fed is that 'there are consequences' of leaving the EU... whereas actually, they would be very limited, and the cost of remaining 'In' are astronomical financially, and allowing Brussels/Strasbourg to make decisions above the heads of our own elected politicians is bizarre. If real, full information is made available, CKhalvashi, i reckon it is likely.

and good work colsten..:T can you then move the Cash ISA across to your Investment ISA too?