Live updates

'Frontline staff are being punished for actions of bankers'

Unite has called on HSBC to make any job cuts "voluntary" as it blamed the bank's expected cull of its UK workforce on the misconduct of senior and investment bankers.

HSBC, Europe's largest bank, is expected to slash as many as 8,000 UK jobs as part of a global restructuring initiative.

Unite are seeking to meet with UK chief executive Antonio Simoes as soon as possible to demand that any redundancies are through voluntary means or managed through natural attrition.

After all the scandals of recent years, frontline staff have suffered time and time again as they are forced to pay for the mistakes of others with their jobs, their terms and conditions and their reputation.

– Dominic Hook, Unite national office for finance


HSBC high street branches 'should prepare for job losses'

High street branches of HSBC will face job losses as part of the banking giant's plan to cut 8,000 jobs in the UK, a financial commentator has said.

Justin Urquhart Stewart speaking to Good Morning Britain. Credit: ITV/Good Morning Britain

The bank said today it was undertaking a "significant" reshaping of the business by cutting up to 25,000 jobs worldwide.

Justin Urquhart Stewart told ITV's Good Morning Britain that while he expected the investment side of the bank to "take the brunt" of the cuts, workers in high street stores should prepare for a reduction in staff.

Warning of "big changes" in the UK, Mr Stewart said: "All the banks are skinnying down their branch networks and even in those branches there is more automation and less people."

HSBC's strategy to cut costs and reshape the business

As HSBC is poised to cut thousands of jobs, chief executive Stuart Gulliver said that "world has changed" and the bank needs to change with it, as he outlined the bank's strategic plan to cut costs.

HSBC CEO Stuart Gulliver will present the bank's strategy to investors today Credit: PA

We recognise that the world has changed and we need to change with it. That is why we are outlining the following... strategic actions that will further transform our organisation.

The world is increasingly connected, with Asia expected to show high growth and become the centre of global trade over the next decade.

I am confident that our actions will allow us to capture expected future growth opportunities and deliver further value to shareholders.

– HSBC Chief Executive Stuart Gulliver

Key points from HSBC's cost-cutting strategy:

  • Cut costs by $4.5 billion (£3 billion) to $5 billion (£3.3 billion) a year by 2017
  • Sell operations in Turkey and Brazil, but retain a corporate presence in Brazil
  • Reduce the bank's risk-weighted assets (RWAs) by at least 25%
  • Set up a UK ring-fenced bank
  • Increase investment in Asia

HSBC to cut up to 25,000 jobs globally

HSBC is expected to announce global job losses of up to 25,000 today - affecting 8,000 of the bank's 48,000 UK employees.

As many as 8,000 UK jobs could be axed by HSBC today Credit: PA

The bank said it is planning a reduction of around 10% of its full-time workforce.

Chief executive Stuart Gulliver will present an update to investors today and could also reveal more details of how HSBC will decide where to base its headquarters.

It recently announced that it was considering a move away from the UK following "regulatory and structural reforms".

The bank is seeking to deliver annual cost savings of around £2.9 billion to £3.3 billion by the end of 2017.

HSBC to cut thousands of jobs in the UK

Credit: PA

Thousands of HSBC workers in the UK face losing their jobs after the bank announced it was cutting staff to improve its performance.

It is thought around 8,000 jobs could go in Britain, while 20,000 are at risk worldwide.

The bank confirmed it would be selling its units in Turkey and Brazil and said it was refocusing its business in Asia.


Thousands of steel workers to go on strike over pensions

Thousands of workers at Tata Steel are to go on strike in a row over pensions, unions have announced.

The strike, the first in the industry for 35 years, will take place on 22 June, with around 13,000 workers involved in the action.

It follows a decision by the company to close employees' final salary pension scheme

As ITV News Business Editor Joel Hills reports, Community union General Secretary Roy Rickhuss claimed the move had given staff "no option" but to strike.

Lloyds fined £117m over handling of PPI complaints

Lloyds Banking Group has been fined £117 million Credit: PA

State-backed Lloyds Banking Group has reached a £117 million settlement with the Financial Conduct Authority over the way it handled complaints about payment protection insurance (PPI).

Lloyds apologised to customers affected and said £2.65 million worth of bonuses was being withheld from executives.

The group, which remains nearly 19% owned by the taxpayer after being rescued during the financial crisis, has already set aside £12 billion to cover the cost of compensating those mis-sold PPI.

The penalty to the FCA relates to the handling of complaints over the scandal during the period of March 2012 to May 2013.

Load more updates