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UPDATE 1-HSBC to cut around 100 jobs in UK retail bank

(Updates sourcing, adds details)

LONDON, Nov 5 (Reuters) - HSBC will restructure its UK retail banking business, resulting in around 100 job cuts, a source familiar with the matter said on Thursday.

The move follows a similar reorganisation of its commercial banking business reported by Reuters last month which will result in around 300 job cuts.

“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 about both sets of cuts.

Refinitiv IFR first reported the HSBC retail bank cuts on Thursday.

Europe’s biggest bank in June 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.

HSBC’s cuts to its UK retail banking business follows a similar move by rival Lloyds Banking Group, which on Wednesday said it would axe over 1000 roles. (Reporting By Lawrence White, editing by Iain Withers)

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