HSBC to cut 1,149 jobs in Britain
London, April 24, 2013
HSBC is cutting 1,149 jobs in Britain in another round of redundancies to save money and slim down Europe's biggest bank.
The cuts are part of a three-year revival plan designed by chief executive Stuart Gulliver to reduce costs, raise returns and focus on profitable areas.
But Unite, Britain's biggest trade union, said it may ballot its members at the bank to see if they want to strike in protest at the latest job cuts and accused HSBC of "putting profits before people".
In Britain, banks have also axed thousands of jobs in response to new rules on how they sell investment products to retail customers, and HSBC said its latest cuts reflected this changing nature of customer behaviour and regulation.
The bank said while 3,166 UK jobs would be affected by the plans, the bank expects to redeploy 2,017 staff. The net loss in jobs adds to 2,200 UK job cuts made a year ago. – TradeArabia News Service
More INTERNATIONAL NEWS Stories
- Malaysian jet may have turned back before vanishing
- No sign of missing plane; Malaysia probes false passports
- Two Europeans not on board 'missing' Malaysian jet
- China draws red line on North Korea
- Saudi sentences three to death for 2003 bombing
- First bitcoin machine opens in UK
- US sanctions will boomerang, warns Russia
- China plans $50bn bank to fund projects
- Sony to sell Tokyo 'birthplace'
- Obama orders sanctions over Russian moves
- Crimea parliament votes to join Russia
- Arab League to be revamped
- 'Upskirting' is legal: Massachusetts court
- Singapore probes 'unnatural' death of bitcoin trader
- Onus on world powers for Syria war crimes: UN
- US, Russia set for talks on Ukraine crisis
- Brent oil drops below $109
- Services outshine manufacturing, pushing up jobs
- Bitcoin bank shut down after hacker attack
- India to kick off world's biggest poll on April 7
- China signals focus on reforms
- Hundreds ready for bitcoin exchange class action
- Space taxi, Jupiter mission in Obama budget
- Putin: Use of force last resort in Ukraine
- Powers to boost Lebanese military, economy
- Egypt bans Hamas activities in Egypt
- Putin ends army exercise, markets rally
- Russia has violated international law: Obama
- Russian markets hit as Putin tightens grip on Crimea
- Iran nuclear deal 'being implemented as planned'