HSBC is set to cut around 100 jobs in UK retail banks

HSBC is set to cut around 100 jobs in UK retail banks as the group looks to continue its restructuring.

The move comes after the bank announced that it could start charging for “basic banking services” and was confirmed by a spokesman for HSBC, who said: “In line with the Group strategy announced in February, we continue to restructure and review the roles required to transform the bank.”

Similar restructuring of its commercial banking business was announced last month which will eventually result in around 300 more job cuts.

Europe’s biggest bank resumed cutting around 35,000 jobs in June, which was the plan prior to the pandemic in March, however, after a delay, it’s now back on the cards with this latest announcement.

Chief Executive Noel Quinn has said the job losses are necessary to reduce costs and in turn improve profits, as HSBC grapples with the economic hit from the pandemic on its loan books, as well as resulting low interest rates worldwide.

HSBC’s cuts to its UK retail banking business follows a similar move by rival Lloyds Banking Group on Wednesday, November 4.

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