500 UK jobs to go at HSBC
by Kay Murchie
Following a review of the business, banking giant HSBC has announced it is to shed 500 jobs in the UK, as a result of the current economic conditions.
The jobs will go in the bank’s retail and commercial banking units.
The news comes just a few months after the bank said it was to axe 1,100 jobs worldwide as a result of the global financial turmoil, 500 of the job losses were in the UK.
Speaking of the job losses, HSBC’s MD, Paul Thurston, said that in the past two months the bank had taken a hard look at the business, focusing on removing duplication, managing costs and devoting resources to areas that offer the most potential for growth.
Mr Thurston added that the bank deeply regrets taking this step, but deems it necessary to ensure the business is operating as efficiently as possible and that it is best placed to deal with the economic downturn and maintain its levels of customer service.
However, the trade union Unite is appalled that the job losses are so close to Christmas and said the bank is using the economic slump as an excuse.
Last month, the bank announced that its losses linked to the US sub-prime mortgage crisis had hit $4.3 billion (£2.7 billion) between July and September. This was in addition to the $3.6 billion loss in the previous quarter.
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