Job Cuts at HSBC
November 10, 2009
Banking giant HSBC is to cut 1700 jobs in the U.K. mainly from their collections and credit card operations, which adds to the already gloomy downturn in employment of the financial services industry.
The announcement was made to staff after just a day when RBS and Lloyds confirmed plans for £ 40 million worth of government money being ploughed into them.
This news comes on top of RBS confirming last week that they are going to be axing 3,700 branch staff and will see offices in Southampton, Southend, Leicester and Sheffield being affected.
Chief Executive of HSBC UK, Paul Thurston, said “This restructure is an essential part of the streamlining of our business and the migration of activities into centres of excellence around the country.”
Having already being labelled a “fundamental mistake” by union leaders, employees at the lower wage end of the scale are most likely to be affected. Rob MacGregor from Unite’s national office said “The union does not believe this will do anything to improve the company’s performance.”
This bad news will take HSBC job cuts total this year to 3,400. The bank did not have to take the government bailout but instead raised £ 12 billion from shareholders earlier this year.
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