HSBC to cut 850 jobs in UK
Fell on black days…
HSBC is to cut 850 information technology jobs in the UK today (16 May), the first stage of its restructuring plan that will see 8,000 British jobs terminated by the end of 2017.
The employees are based in London, Sheffield, Leeds and Birmingham and all the jobs will disappear by the end of this year, according to sources that spoke with Reuters.
HSBC have declined to comment.
HSBC set out its three-year restructuring plan last year with clear ambitions in mind – reduce its extended global network, shut down underperforming businesses, and improve earnings.
Once the bank’s restructuring plan is complete, it will mean one job in five around the globe and around a sixth of jobs in Britain will have disappeared.
According to its most recent annual report, HSBC has 47,000 UK workers at the end of December 2015.
More cuts are expected over the coming months as the bank continues to consolidate IT and back office operations, the sources said to Reuters.
From safety to where…?
The announcement from HSBC is not in isolation. This year alone there have been other UK banks making drastic changes to their workforce numbers.
Royal Bank of Scotland (RBS) is planning to cut around 200 more jobs at its UK retail bank, according to sources close to the development. The latest round of job cuts followed the announcement last month that 600 jobs were to go in the UK.
Lloyds Banking Group is to cut 625 jobs – as it continues another wave of its 9,000 job reductions announced a few years ago. Lloyds says there will be a net reduction of 430 roles once the 195 new jobs it will be creating are taken into account.
