Exclusive: HSBC to cut up to 300 jobs in UK commercial banking overhaul, source says

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LONDON (Reuters) – HSBC (L:HSBA) has launched a restructuring of its commercial banking business in Britain, a source familiar with the matter told Reuters on Wednesday, resulting in around 300 job losses.

“In line with the Group strategy announced in February, we continue to restructure and review the roles required to transform the bank,” a spokesman for HSBC said.

Europe’s biggest bank in June resumed plans to cut around 35,000 jobs it had put on ice after the coronavirus outbreak, as Europe’s biggest bank grapples with the impact on its already falling profits.

Chief Executive Noel Quinn has said the moves are necessary to improve the banks profits, as economic forecasts point to a challenging time ahead for the Asia-focused lender.

HSBC’s commercial banking business provides loans and other banking services mainly to small and medium-sized businesses.

The unit has in common with its rivals struggled in recent years to improve revenues amid rising competition and rock-bottom interest rates that squeeze the margins between deposits banks take in and loans they make to borrowers.