HSBC Cuts 2,200 UK Jobs

HSBC has confirmed that it is to cut more than 2,200 jobs in the UK as part of its global cost-cutting plans.
More than 3,100 posts are being closed but the bank said that new roles were being created as well, which would result in 2,217 staff leaving.

The move, which had been expected, is part of 30,000 job cuts the bank is making worldwide by 2013 as it looks to save $3.5bn worth of annual costs.

The Unite union, UK’s biggest trade union, said it was outraged and would campaign against the cuts.
“There is no justification for this awful treatment of staff,” said Unite national officer David Fleming, pointing out that the bank made a £13.8bn profit worldwide last year.

“The hypocrisy of [group] CEO Stuart Gulliver taking home £8m, while claiming the bank must cut thousands of staff in order to save money, will not be lost on the workforce.”
HSBC said the majority of staff affected were in senior or middle-management positions, with only a “small proportion” of customer-facing staff impacted.

No branches will close as a direct result of the announcement.
“We have taken the difficult decision to restructure HSBC in the UK in order to reduce layers of management and bureaucracy,” said Brian Robertson, chief executive of HSBC Bank.

“These changes will enhance our efficiency as detailed in the strategy we announced last May and they will also help ensure our continued profitability in the face of the changing regulatory landscape.”

Last year, the bank cut 7,000 jobs worldwide, leaving it with about 288,000 employees, BBC reported.