BANKING giant HSBC is considering selling off branches as it looks to slash costs in its UK retail arm. HSBC's recently appointed chief executive, Stuart Gulliver, is preparing to announce extensive cost-saving measures for the retail business at its upcoming May 11 strategy day, according to The Sunday Telegraph. It is understood that branch closures are among options being looked at, as well as potential job cuts among middle management. The announcement is expected to form part of Mr Gulliver's vision for the group after taking on the top job from predecessor Michael Geoghegan at the start of the year. His plans will also reportedly see HSBC focus on specific countries in a move away from being the "world's local bank". HSBC was not immediately available for comment. The strategy day follows its first quarter results on May 9, which come after a disappointing start to the earnings season so far.