HSBC to shed 1,149 UK jobs in new round of cutbacks

Tue Apr 23, 2013 8:55am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

By Steve Slater

LONDON (Reuters) - HSBC (HSBA.L: Quote) is cutting 1,149 jobs in Britain in another round of redundancies to save money and slim down Europe's biggest bank.

The cuts are part of a three-year revival plan designed by Chief Executive Stuart Gulliver to reduce costs, raise returns and focus on profitable areas.

But Unite, Britain's biggest trade union, said it may ballot its members at the bank to see if they want to strike in protest at the latest job cuts and accused HSBC of "putting profits before people".

Banks across the world are shedding thousands of staff to try to increase profitability, improve technology and cope with tougher regulations brought in after the financial crisis.

In Britain banks have also axed thousands of jobs in response to new rules on how they sell investment products to retail customers, and HSBC said its latest cuts reflected this changing nature of customer behavior and regulation.

The bank said as a result of these changes its customers will have a single advisor for both their banking and wealth management needs and while 3,166 UK jobs would be affected by the plans the bank expects to redeploy 2,017 staff.

The net loss in jobs adds to 2,200 UK job cuts made a year ago.

The bank employs just over 47,000 staff in Britain, or about 40,000 excluding its investment bank and head office.   Continued...

The logo of HSBC bank is seen at its office in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren