HSBC Confirms 2,217 Job Cuts In The UK
HSBC has confirmed it is to cut 2,217 banking jobs in the UK by the end of next year.
HSBC, which is Europe's biggest bank, made an official announcement about the job losses the day after Sky News broke the news.
The move is part of a drive to slash costs and boost profitability in the face of a changing banking landscape.
The Unite union said 3,167 roles would be impacted by the cuts, but HSBC said almost 1,000 staff would be redeployed or other positions would be created elsewhere, and the net job loss would be 2,217.
The job losses will affect about 5% of the bank's 52,000-strong UK workforce.
HSBC said the cuts would mainly impact senior or middle management positions but that all business areas and "most geographic regions" within the UK would be affected in some way, including a small proportion of customer facing staff.
Its 1,250 UK branches would be "largely unaffected" by the changes, the company added.
Brian Robertson, chief executive of HSBC Bank, said: "We have taken the difficult decision to restructure HSBC in the UK in order to reduce layers of management and bureaucracy."
Joe Garner, head of HSBC's UK Bank, added: "We have tried to keep the number of people who will be leaving the bank to a minimum."
The changes are part of plans by global chief executive Stuart Gulliver to cut 30,000 jobs across HSBC's worldwide operations by the end of 2013, and to streamline the bank for changes in UK regulation.
Banks across the world are shedding thousands of staff as they try to improve profitability and cope with tougher global regulations.
In the UK, banks have been told they must separate their retail banking operations, and also need to shake-up how they sell products under a Retail Distribution Review.
Mr Gulliver, who received a pay package of £7.2m last year, wants to reduce annual costs by about £2.2bn and is retreating from countries and areas where the bank lacks scale.
Unite national officer for financial services, David Fleming, pledged to "fiercely" campaign against the latest job losses.
He said: "Bank staff deserve so much more than this awful treatment by HSBC or any other employer.
"How can this bank consider staff cuts when it was the workforce that delivered it a profit of £13.8bn last year?
"The hypocrisy of CEO Stuart Gulliver taking home £8m [sic], while talking up job losses in order to save money, will not be lost on the workforce."
HSBC cut almost 7,000 jobs globally last year, leaving it with about 288,000 employees at the end of December.
It cut jobs in Hong Kong, the United States, Brazil, Canada and Mexico and some head office functions in the first wave of the revamp last year.
Britain is in the second wave of countries affected.
It could cut hundreds of staff in India soon, according to local media reports.
what do you think?
--------- and 2000 more next year.
And the labour party and their pathetic supporters will ensure more jobs are lost and banks leave the UK, destroying the most financially successful sector thus country has ever had. The poor will suffer and labour dont give a da*n
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I hope that this doesn't mean more administrative and call centre jobs going offshore - if HSBC wants to do business in the UK, it must have a presence in the UK!
Rumour has it that 2000 will be gone by the end of the summer, not next year. HSBC are also looking at the UK for most of the 30000 they want to reduce numbers by, meanig a lot of branch closures. The UK is the only country in the world where banks have such a large network of branches, so HSBC will be trying to streamline the UK to mirror other countries! Barclays will probably do similar, and Lloyds are also probalby going to have to cut numbers. Natwest seemed keen to promote on their ads that they are the only bank to be opening branches, but even they have stopped those ads.
Natwest are part of the RBS Group which is selling it's England RBS branches to Santander, so Natwest, on its own, is not being seen as closing branches.
hey hrsb19 people like you really make me puke. you listen to these super rich saying everyone on benifits live the high life. have you any idea as to what they actually recieve. obviously not. well let me put you straight.no fancy homes. no posh car. no holidays, no eating out, no nights out , infact any kind of social life is non existant. its a day in day out struggle just to afford the basic things in life. so dont bleat on about how good they have it just be thankful you have a job and shut up ok
For me there is a lovely irony in the fact that HSBC's Indian operations will feel the jobs cut axe soon as I got the chop 5 years ago when UK jobs were transferred to India! But loosing a job in these troubled encomonic times is never a good thing.
typical the going gets tough and HSBC like Barclays did last year made cuts.They both blame the new regulation but behind it all they do not want to see their margins drop and to hell with the customer.When are the banks (and building sociteis) act with the best interest of the customer not their own greedy profits like Bob Diamond American mercenary and Im sure there are a lot of our US counterparst at HSBc also raping the company.
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Once again Profits for shareholders before jobs Must be another management team who are only good at assett stripping as a way to turn a profit. Do there bit take the bonus, then run to the next job. Cant any of these people make money without hurting people?