HSBC announced that it is cutting about 10% of it’s worldwide workforce and selling off half of its US bank branches as part of a global restructuring.
My take: HSBC’s need for restructuring in no surprise given the company’s terrible customer experience in the US (it might perform quite differently in other parts of the world). Look at how HSBC compares to other banks in the 2011 Temkin Experience Ratings — it’s the worst performing bank in all three elements of our ratings: Functional, Accessible, Emotional.
HSBC, not surprisingly, also has one of the lowest levels of loyalty when compared with 143 companies we examined. As our research has shown, good customer experience correlates to higher loyalty. HSBC’s US operations shows that the opposite is true as well.
The bottom line: HSBC needs to restructure its US customer experience