HSBC bank is rumoured to be mulling plans to relocate its HQ to Asia, with Hong Kong set to be on its sights.
HSBC will cut its global workforce by up to 50,000 globally in a US$5bn cost-cutting initiative, said an AFP article.
The bank will use a set of 11 criteria in deciding whether it will move its headquarters out of London to Asia.
The bank will also rebrand its UK retail banking unit, which it could sell in response to new rules stating such businesses must be separate from investment banking in order to protect customers, according to a Reuters report.
The HSBC brand and logo will cease to exist from Britain’s high streets as well. HSBC CEO Stuart Gulliver said the bank would consult with staff and customers over the next few months on the future name of the business.
“We will operate with a different brand name. We haven’t decided what that brand name will be and we’re going to consult customers and our own staff over the next few months to decide what we might call this bank,” Gulliver said.
The origins of the bank lie in Hong Kong and Shanghai, where branches were first opened in 1865, according to the group’s website. The HSBC name is abbreviated from the initials of the Hongkong and Shanghai Banking Corporation. The company refers to both the United Kingdom and Hong Kong as its “home markets”.
A HSBC spokesperson declined to comment any further.