The HSBC name is set to disappear from the UK high street as the group looks to rebrand its retail banking operations, according to reports.
HSBC has today announced a business restructure that could see it cut 8,000 jobs in the UK across its retail and investment operations. A total of 25,000 jobs could be axed globally.
HSBC chief executive Stuart Gulliver also says the company will rebrand its UK retail branches – a move that will see the HSBC name and logo disappear from the UK high street.
Gulliver is quoted in the Telegraph as saying: “We will operate with a different brand name. We haven’t decided what it is, we’re going to consult with customers and staff.”
There is speculation that HSBC could rebrand the banks by reviving the Midland Bank name. Midland Bank was one of the biggest banking names in the UK throughout the 20th century. It was bought by HSBC in 1992 and the name was phased out in 1999.
Another option being mooted is for HSBC to bring its online banking brand First Direct to the high street.
HSBC has not commented further on the potential rebrand.
The rebrand plan comes ahead of new Bank of England rules – coming into force in 2019 – which will force banking groups to legally separate out their retail banking offers.
The HSBC logo was designed by Henry Steiner in the 1980s and the HSBC brand has been on the UK high street since the previous Midland Bank branches were rebranded under the new name in 1999.