HSBC says 1,700 jobs are at risk

HSBC has announced it is to cut up to 1,700 jobs in the UK with the biggest cuts in its credit card and collections operation.

Its credit card and collections operation will be reduced from nine regional offices to two sites in Birmingham and staff were put on consultation today.

Back office staff in branch networks will also be affected by the losses but no customer facing staff will be affected.

An HSBC spokesman says: “1,700 jobs are at risk of redundancy due to a restructuring. But we are creating several hundred new roles also so not all of those jobs will go.

“We told staff today and the consultation period is usually around 90 days, though in reality it will take a lot longer.”

The news comes after RBS announced it will be cutting 3,700 jobs across its retail branch network in light of the Treasury and European Commission’s plans to break up the bank and sell off certain assets.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com