Lender to accelerate restructuring as it tries to make up for record low interest rates
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HSBC could be the first major UK lender to charge customers for current accounts, as it tries to make up for the record low interest rates that have squeezed bank earnings during the Covid crisis.
The bank’s chief executive, Noel Quinn, said HSBC was not expecting to levy fees on basic accounts in the UK, the no-frills accounts provided for more vulnerable customers with poor credit scores that often place restrictions on daily cash withdrawals.
