HSBC to rename following global split
HSBC's Chief Executive has today announced that the bank will rename its UK retail arm after it has separated from its global operations.
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The new name, or whether HSBC will sell the ring-fenced bank, has not yet been announced.
The UK's five largest high street banks will have to separate their retail subsidiaries from 2019 in order to protect consumers from risky activity, according new government laws.
Stuart Gulliver announced the news during an investor day in which the bank also revealed plans to cut thousands of jobs in the UK and around 25,000 jobs worldwide as it targets $5bn in annual cost savings by 2017.
HSBC is also planning to sell its operations in Turkey and Brazil, maintaining a presence in Brazil to serve large corporate clients with respect to their international needs.
In April, HSBC said it would be looking into moving its headquarters out of the UK following "regulatory and structural reforms" since the financial crisis.
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