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March 26, 2009    

HSBC to make 1,200 redundancies as part of cost cutting measures

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by Peter Charalambous

HSBC, which employs around 58,000 people in the UK, has announced that following a review of the business, 1,200 of its UK staff face potential redundancy which will be mainly in the processing, operations, finance, HR and IT areas.

HSBC has not received taxpayer support but has just approved a £12.5bn rights issue to strengthen its finances. Further cost cutting measures are in place to ensure the profitability and viability of the bank in the future.

HSBC’s UK managing director Paul Thurston has said that due to the change in the operating environment for banks. it will be a challenging time but as a well-capitalised and profitable bank. HSBC will be in a position to respond to change and adapt to difficult trading conditions.

HSBC will be helping to find new roles either within the bank or externally, as the operations centre in Leamington Spa will close completely with 280 redundancies and a further 200 at Southampton.

The Newport and Leeds call centres are also being closed with 160 job losses.

Derek Simpson, the joint general secretary of the Unite union representing HSBC staff, has given an angry response at the job cull and called for businesses to unite against the recession and argued against the justification of making efficient UK staff redundant at the expense or relocating jobs to India.

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