| Staff Reporter, UK

HSBC to cut 100 jobs in UK retail banking restructure

It comes after the overhaul of its commercial banking arm.

HSBC will restructure its UK retail banking business, leading to around 100 job cuts, reports Reuters.

This comes after a similar reorganisation of its commercial banking business last month which will result in around 300 job cuts.

Back in June, it resumed cutting around 35,000 jobs, a plan it had temporarily halted after the coronavirus outbreak in March.

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.

It also follows a similar move by rival Lloyds Banking Group, which has said it would axe over 1,000 roles.

Here's more from Reuters.

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