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Bank charges: HSBC makes job cuts

HSBC bank announced it will be cutting back its workforce as a means of reducing costs.

It said that 3,166 jobs would be cut in the UK, mostly from its wealth management arm, but claimed that over 2,000 of its workers would be redeployed elsewhere.

However, this means that more than 1,000 members of staff will lose their job.

This is part of HSBC’s three year plan to cut costs and focus on more profitable areas, outlined by chief executive Stuart Gulliver, and follows on from when it cut 2,200 jobs in 2012.

The trade union Unite is considering strike action in response to this decision from HSBC. It said that the way that the bank is behaving is a ‘disgrace’.

This news comes not long after figures showed unemployment is rising in the UK, which in turn does not breathe confidence into the state of the country’s domestic economy.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801575683-ADNFCR

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