Speculation is mounting that the Midland Bank will be resurrected
HSBC is to cut 8000 jobs in Britain and sell its Turkish operation as part of extensive restructuring plans around the world.
The banking giant is also to rebrand is British consumer operations – with some pundits predicting the Midland Bank brand could soon return to the high street.
As many as 25,000 jobs could be axed worldwide.
HSBC might move its headquarters out of London
HSBC’s UK branches were known as Midland until 1999, seven years after they were bought by the global banking giant.
The swingeing job cuts comes as the bank seeks to deliver annual cost savings of around 4.5 billion US dollars (£2.9 billion) to five billion US dollars (£3.3 billion) by the end of 2017.
The group also announced aims to sell its businesses in Turkey and Brazil, because they do not have the scale needed to compete with rivals.
HSBC said it was undertaking a “significant” reshaping of the business.
Chief executive Stuart Gulliver said: “We recognise that the world has changed and we need to change with it.”
One proposed change is to relocate HSBC’s global headquarters out of London – possibly to Hong Kong. A decision is due by the end of the year.
HSBC is already in the spotlight after it was hit with a £28 million fine in Switzerland last week to settle an investigation into alleged aggravated money laundering.