The bank is in the early stages of a review, with the pitch expected to be held at the beginning of July. J Walter Thompson, Ogilvy, Weber Shandwick and Sideshow are vying for the business.
We Are Social, which has handled the bulk of HSBC’s social activity alongside other agencies such as JWT, declined to re-pitch. The agency will continue to work with the First Direct brand, which is owned by HSBC.
HSBC’s UK social media account is estimated to be worth about £3m.
We Are Social has created work for HSBC such as last year’s #ZeroRegrets campaign starring grime artist Lady Leshurr.
Last month, the bank moved its global media account from 13-year incumbent Mindshare to Omnicom rival PHD. That decision was seen as a blow to Mindshare’s parent WPP, which is also facing reviews on its Shell and Ford businesses.
But two of the agencies pitching for HSBC’s social account, JWT and Ogilvy, are owned by WPP.
HSBC declined to comment on the review.