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HSBC announces hundreds of job cuts

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HSBC is cutting 380 jobs following a decision to close 62 bank branches and move IT roles offshore.

The branch closures will put 176 roles at risk, and will take the number of HSBC branches in the UK to 625 by the end of the year.

The bank says this marks the end of its branch restructuring programme.

A further 204 IT jobs will be cut as the majority of roles are offshored to India, China and Poland.

HSBC head of retail banking and wealth management for UK and Europe Francesca McDonagh says: “The decision to close these branches ensures a more sustainable branch network for the future as we continue to invest in our digital platforms and our people.

“We will have fewer but better branches, with more empowered frontline colleagues using a greater range of technology to support all our customers’ needs.

“Our priority now is to work with our colleagues, our customers and the communities impacted by this announcement.”

On the IT job losses, a spokeswoman says: “HSBC has stated it intends to find significant cost savings by the end of 2017, as part of its ongoing strategy to ensure the bank remains efficient and competitive.”

Unite national officer Dominic Hook says: “Today is a dark day for hundreds of HSBC staff who will arrive at work to be told that they could lose their job as their branch closes or their IT role is cut.

“Unite is again calling on the banking industry to rethink such branch culling exercises, which do nothing to reassure customers or staff that banking is accessible and open to all.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Christine Brightwell 25th January 2017 at 12:16 pm

    Brach banking for retail customers has been getting worse over the years. I know there needs to be some progress/changes – but when I see older individuals trying to have a private conversation about a problem, with a very condescending member of bank staff for all of the people in the banking hall to hear I cannot help but be angry. In this particular instance I told the youngish male member of staff that the conversation should be held in a private room, only to be informed that there is no facility for private meetings with customers. All meetings have to be held in the little desk/pods around the banking hall.

    Less branches will make this worse still – shame on you HSBC – and yes I am talking about one of your branches.

  2. Personal banking is fine and can mostly be done online, but our company’s account’s with hsbc too and some of our elderly clients still insist on paying by cheque which is a nightmare as the only branches left are in huge towns/cities.
    I was going to wait for them to shift their hq to central europe, but I think it’s time to move now.

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