According to the Chartered Institute of Personnel and Development (CIPD), more public sector job losses are being axed than originally forecast. The employers group said 610,000 jobs in the sector will be lost between 2010/11 and 2015/16 – one third more than the 410,000 the Office for Budget Responsibility (OBR) originally predicted. The group is [...]
Banking giant HSBC has today announced plans to axe 3,000 jobs at its Asian headquarters in Hong Kong over the next three years. The reduction in headcount is part of an ongoing global cost-cutting plan after comes shortly after the bank said it would axe 30,000 jobs by 2013. The bank, which is Europe’s largest, [...]
Banking giant HSBC has today announced it has disposed of its US credit card division to Capital One Financial, as part of a global strategic cost-cutting exercise. The announcement comes shortly after the bank said it would slash its underperforming US branch network by half and also announced it would axe 30,000 jobs globally in [...]
Banking giant Barclays is the latest bank to report its half-year profits and announce job losses. The bank said pre-tax profits came in at £2.6 billion for the six months to the end of June, down one third from the same period a year ago. However, chief executive Bob Diamond said he was pleased with [...]
Banking giant HSBC has today announced plans to shed 25,000 jobs by 2013 after reporting a rise in half-year profits. The bank, which is Europe’s largest, has already unveiled 5,000 job cuts, 700 of which are in the UK. HSBC has a global workforce of 335,000 worldwide, with 52,000 in the UK. It said the [...]
Credit Suisse, which is Switzerland’s largest bank, has today revealed it will axe 2,000 jobs after unveiling poor results in the second quarter. The job cuts represent approximately 4% of its 50,700-strong global workforce. The Swiss banking giant has been hit by weak trading activity and the strong Swiss franc. Net profits dived to SwFr [...]
According to a report today, banking giant HSBC is to axe more than 10,000 jobs as part of the bank’s strategic review. The report from Sky News said some of the cuts will come from its head office while others will be the result of closing some retail banking operations. However, a spokesperson for the [...]
Manchester-based Co-operative Financial Services (CFS) has announced plans to axe more than 600 jobs as part of a strategic review. The group said 670 field based jobs will go after conducting a review of its life insurance and savings division following its merger with the Britannia Building Society in August 2009. CFS, which has 8 [...]
Train maker Bombardier has today revealed it will axe 1,400 jobs at its plant in Derby. The job cuts are attributed to the company losing out to Siemens on the £1.4 billion Thameslink contract. Its Derby operations has a workforce of 3,000 and the company said 446 permanent jobs and 983 temporary staff will go. [...]
Banking giant Lloyds is to axe a further 15,000 jobs, as part of a cost-cutting exercise and will see the bank withdraw from international banking. The job cuts were first unveiled by the Sunday Times earlier this month but have only been confirmed today. The banking giant, which is 41% owned by the taxpayer, has [...]
According to a report in the Sunday Times, banking giant Lloyds is set to axe a further 15,000 jobs, as part of a cost-cutting exercise. The job losses are expected to be revealed at the end of this month by chief executive, Antonio Horta-Osorio, who assumed the role earlier this year after being poached from [...]
Banking giant Lloyds has announced it will axe a further 360 jobs and transfer 140 members of staff to another company. The banking giant, which is 43% owned by the taxpayer, has now axed more than 27,000 jobs since its merger with HBOS at the height of the financial crisis, some of which were due [...]
The Office for National Statistics (ONS) has today revealed UK unemployment fell further in the three months to March. The ONS said unemployment fell by 36,000 in the three month period to 2.46 million. The latest figures means the unemployment rate has fallen to 7.7% from 7.8% in February. In the meantime, the number of [...]
Comet owner Kesa Electricals has announced plans to shut almost a dozen stores and axe 150 staff after sales fell amid the challenging economic environment. Kesa said same-store sales at Comet dived by 15.2% in the 12 weeks to 30 April as the High Street continues to suffer as consumers rein in their spending amid [...]
HSBC has today revealed it will embark on a massive cost-cutting exercise, just two days after it unveiled its first quarter results. The bank, which is Europe’s largest, is looking to save up to $3.5 billion (£2 billion) by streamlining its IT operations and cutting back on its wealth management and retail divisions. However, the [...]
Allied Irish Banks (AIB), which was the fourth Irish bank to be nationalised, has today revealed a loss of €10.16 billion (£9 billion) for the 2010 year, compared with a loss of €2.3 billion the previous year. Meanwhile, the bank also announced it would axe more than 2,000 jobs in 2011 and 2012 in order [...]
Northern Rock Asset Management (NRAM), the so-called bad bank, returned to profit in 2010, it was reported today. The crisis-torn bank, which was the first victim of the credit crunch, said pre-tax profits for the 2010 year were £200.1 million, against a £166.5 million loss in 2009. At the start of 2010, Northern Rock was [...]
Crisis-torn Northern Rock has today announced it will reduce headcount by a further 680 as part of another restructure. According to the lender, which was nationalised in February 2008, the job losses are necessary as part of a cost-cutting exercise and would affect employees “at all grades across the company”. Less than 2,000 people will [...]
The Royal Mail has today announced it will axe 1,700 jobs and close two mail centres in London under modernisation plans. The company has deemed the job losses necessary and come on top of the 1,700 jobs already lost this year. The latest job losses include 1,000 managers across the UK and come as the [...]
Banking giant Lloyds has today announced it will axe a further 570 jobs and outsource more than 560 positions. The banking giant, which is 43% owned by the taxpayer, has now axed almost 27,000 jobs since its merger with HOBS, some of which were due to overlap following the merger. The latest round of job [...]
Gender directive could slash men’s annuity payouts
The EU Gender Directive, which came into force today, could see men losing up to £10,000 from their annuity payouts, according to research by PricewaterhouseCoopers. Under the new rules insurers are no longer allowed to take gender into account when setting annuity rates and premiums on insurance products. Men previously enjoyed higher annuity rates than [...]
Home rental costs down in November
The cost of renting a house in England and Wales fell by 0.4 per cent in November, its first dip since March, according to a survey by LSL Property Services. Average rent was £741m during the month, returning to the level seen in September. However, it was 3.4 per higher than in November last year. [...]
Lloyds TSB halts sale of packaged accounts in branches
Lloyds TSB will stop selling packaged account in its branches from 1 January 2013, until its sales procedures are brought into line with those operated by sister bank The Halifax. Lloyds TSB is one of the main providers of packaged accounts in Britain, with around one in three of its customers choosing to pay fees [...]
Housing market recovery to continue next year
Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to £12.9 billion in November, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on [...]
Newcastle Building Society exits interest-only mortgages
Newcastle Building Society has stopped offering interest-only mortgages to new borrowers, following the lead of the Royal Bank of Scotland, Nationwide, Co-operative bank and Coventry Building Society. The decision will not affect existing Newcastle customers and applications for interest-only mortgages received before 14 December will still be processed. Prior to the credit crunch, interest-only mortgages [...]
Less than half of Brits considered creditworthy
Fifty-seven per cent of UK adults are at risk of having an application for credit turned down by a mainstream lender according to a new report. The ‘Mind the Credit Gap‘ report commissioned by aqua credit cards suggests that even people with a good credit rating and earning more than £50,000 could have a credit [...]
Monthly incomes £22 lower in 2012
The average monthly income of UK households fell by £22 in real terms compared with last year, according to a survey carried out for the Bank of England (BoE) by NMG Consulting. People on lower incomes have seen their income eroded more than higher earners and households still have high levels of debt the BoE [...]
Savers dig deep to fund Christmas
New research from the Halifax suggests that savers are funding their Christmas spending with money set aside for other purposes. Thirty-seven per cent of 2,138 savers surveyed by the bank at the end of November had withdrawn savings in the last three months. The average amount withdrawn was £1,186, more than double the average savings [...]
Financial data at risk from unsafe passwords
According to a survey by the Payments Council the problem of having to remember a different password for several accounts means that many internet users are compromising the security of their financial data. Internet users have 22 password-protected accounts on average and many use the same log-in details for more than one account, even though [...]
Wonga launches Paylater loans on retailer website
Payday loan company Wonga has launched a new Paylater service on furniture firm Cotswold Company’s website. The service, which allows customers to “buy now, pay later” will be introduced on other retailers’ sites in the near future. Although the Paylater branding is similar to Wonga’s, the Wonga name only appears in the small print. A [...]
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