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Bank charges: HSBC to cut jobs

HSBC is planning to cut thousands of jobs as part of the bank’s savings plans.

Banks have been cutting back their workforce recently in order to save money. Part of the reason for this is to prepare for new regulations that are due to come in under Basel III.

Chief executive Stuart Gulliver said that the bank is hoping to save an extra $1 billion (£663 million) this year, the Financial Times reported.

Included in these rules are that banks should have increased levels of capital behind them in order to protect themselves in case investments fall through.

A cap has also been placed on the amount of bonus that bankers are able to receive. The UK tried to block this regulation, saying that this would encourage bankers to increase wages to meet the lack of bonus they could receive. It was felt that jobs could be put at risk in order to pay for this.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801557762-ADNFCR

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