HSBC Job Cuts May Draw Labor Strike: Report

Unions are threatening strike action after HSBC (HBC.LN) announced more than a thousand job cuts in the wake of new rules on advising customers, The Times in London said on its website Thursday.

The bank said it would “demise” many of the jobs, bringing a new word for sacking into the corporate lexicon, The Times said.

HSBC said 3,166 positions in the U.K. would be affected by the costcutting exercise, but added just over 2,000 would be redeployed, resulting in up to 1,149 job losses, The Times said

The cuts come after 2,200 British jobs were eliminated a year ago at the bank, which employs more than 47,000 in the U.K., The Times said.