HSBC set for retail cost-cutting drive

A DRIVE to cut the costs of HSBC's UK retail banking arm, including possible branch sales, is expected to be unveiled by new group chief executive Stuart Gulliver.

Another option to reduce the division's cost/income ratio, which is higher than that of both Barclays and Royal Bank of Scotland, is said to be the possible removal of the UK retail business's head office staff from global HQ at London's Canary Wharf. Analysts say Gulliver, who will present his strategy at Canary Wharf on 11 May, may also centralise UK retail costs and remove some middle management.