HSBC cuts over 2,000 UK jobs

Banking giant HSBC today has confirmed 2,217 job losses in the UK. The firm said it was "eliminating unnecessary bureaucracy" in a statement on the cuts.

Unite union's reaction to HSBC job cut

Unite has expressed outrage at the proposal by HSBC management that the bank plans to cut over 3,100 jobs from the UK.

The decision will impact HSBC staff across the country.

There is no justification for this awful treatment of staff. How can the bank announce 3,167 staff cuts when it was the workforce that delivered it a profit of £13.8 billion last year?

The hypocrisy of CEO Stuart Gulliver taking home £8 million, while claiming the bank must cut thousands of staff in order to save money, will not be lost on the workforce.

Unite is outraged that bank workers serving HSBC customers daily are having their jobs cut which will mean service will suffer.

– David Fleming, Unite national officer

Unite has said it will be meeting with and consulting with its members to plan the next steps in response to the announcement.

HSBC: Cuts will ensure our continued profitability

HSBC
Banking giant HSBC today has confirmed 2,217 job losses in the UK Credit: Reuters

Brian Robertson, HSBC Bank chief executive, said: "We have taken the difficult decision to restructure HSBC in the UK in order to reduce layers of management and bureaucracy.

"These changes will enhance our efficiency as detailed in the strategy we announced last May and they will also help ensure our continued profitability in the face of the changing regulatory landscape."

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HSBC 'eliminating unnecessary bureaucracy' with job cuts

HSBC said it was "eliminating unnecessary bureaucracy" as it confirmed job cuts in the UK.

The bank, which employs 52,000 in the UK, said it would reduce the number of roles by 3,167 but expected just under 1,000 to find positions elsewhere in the company, leaving the rest out of a job.

Senior and middle management positions will be hit, HSBC said, while the bank's 1,250 branches will emerge relatively unscathed from the latest round of cuts.

The losses are part of plans announced by chief executive Stuart Gulliver last year to slash 30,000 jobs, or 10% of the bank's global workforce, by 2013.