HSBC is getting its house in order by embarking on a corporate restructure and strategic reboot. The global bank, which has weathered some significant challenges that saw pretax profits drop 17 percent in 2013–14, keeps a reform eye focused on new opportunities and its global clientele.
They chose to rename their U.K. bank as part of the overall ring-fencing process and chose “HSBC UK,” citing customer feedback, and indicating that the name “represents strength and connectivity.” In an effort to align itself with new developments in mobile accessibility and security, HSBC became one of the first British banks to introduce Apple Pay.
HSBC attempts to endear both personal and business clients with pathos-driven advertising campaigns. “Never Just Business” features a story that tells the 40-year tale of one executive through scenes played out in an elevator. The emotional campaign highlights the personal ups and downs at the heart of every enterprise. HSBC also released a global integrated campaign to support the June relaunch of the HSBC Premier wealth management service, featuring a documentary series that includes personal interviews with affluent clients around the globe. The tagline, “Personalized support, for your personal economy,” touts HSBC’s commitment to the individual needs of its high-net-worth customers.
Cost saving initiatives contributed to an 18 percent uptick in pretax profits in Q2 2015. In March, HSBC announced it will move its U.K. personal and business headquarters to Birmingham by 2019, and recently announced the sale of its Brazilian business to Banco Bradesco for USD $5.2 billion. The bank looks forward to future growth in Asia as it prepares to hire 4,000 employees across the region in support of initiatives that include its expansion in the Pearl River Delta, China. A review is also under way to look at moving its headquarters out of the U.K.
New organizational initiatives and a personalized approach prepare the global financial institution for future brand growth.