EXCLUSIVE - HSBC to cut 100 senior roles in UK retail restructuring

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Steve Slater

HSBC is restructuring its UK retail banking network to simplify its operations and reduce costs, which will see the bank cut about 100 senior roles.

HSBC told staff this week its UK business is moving to a new structure of 10 regions, subdivided into 72 local markets, aimed at simplifying structure and also having the right number of senior leadership roles across the network, sources told IFR. The changes will take effect in February.

It will result in one level of senior staff, including branch directors, retail branch managers and sales and service managers, being put at risk or moved to different roles.

"In line with the group strategy announced in February, we continue to restructure and review the roles required to transform the bank,” an HSBC spokesman said. The bank did not specify how many jobs will go, but it is expected to be about 100. Consultations with affected staff will take place in the coming weeks.

HSBC has about 600 branches across the UK.

HSBC chief executive Noel Quinn plans to cut about 35,000 jobs across HSBC in the next few years as part of a major overhaul. The bank paused job cuts in March after the coronavirus pandemic emerged, but it has since resumed them and said last week 6,000 had been cut this year and that the number was likely to reach 10,000 by the end of the year.

Other banks are also making cuts to reduce costs. Lloyds Banking Group, Britain's biggest domestic retail bank, said on Wednesday it was cutting 1,070 jobs, mostly in its group transformation and retail teams.