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HSBC to axe 8,000 UK jobs

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HSBC has confirmed plans to cut up to 25,000 jobs as part of a restructure of the business, including up to 8,000 roles in the UK.

The total cuts exceed reports from last weekend, when it was suggested redundancies would reach 20,000, and represent a reduction of more than 10 per cent in the bank’s total headcount.

The cuts come as HSBC also announces plans to exit operations in Turkey and Brazil, with annual cost saving targets of up to $5bn by 2017.

In contrast, the bank plans to increase investments in China, expanding its asset management and insurance businesses, in particular.

HSBC admits it is weighing a decision to relocate its global headquarters away from the UK, with Hong Kong mooted as one potential destination, although it says it is yet to make a decision, with formal review expected to finish expected by the end of the year.

In a statement to shareholders, HSBC chief executive Stuart Gulliver says: “We recognise that the world has changed and we need to change with it”

He adds: “The world is increasingly connected, with Asia expected to show high growth and become the centre of global trade over the next decade. I am confident that our actions will allow us to capture expected future growth opportunities and deliver further value to shareholders.”

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. So will they apply a “top down approach” and start by cut 10% at board level? I doubt it!

  2. Rt Hon Sir Arthur Streeb-Greebling 9th June 2015 at 10:19 am

    That’s (hopefully) 8,000 x X customers saved from appallingly bad ‘adivce’

  3. Dont just look at HSBC, what firm would want to be exposed to the over regulated enviroment we currently operate in?

    Another great example of “unintended consequences” by the regulators, Im amazed its taken so long for a major entity to vote with their feet, just wait till the insurers start moving off shore!

  4. Stephen-Mark Rowland 9th June 2015 at 12:32 pm

    Roll on RDR FALLOUT – This piece of legislation has cost 10’s of thousands of jobs! Middle England being totally wiped out completely ‘Advice’ wise.
    Dream come true – just as the Government / FCA want – to slim down the IFA sector & recoup all that lovely middle England taxes. This/ generally (unfortunately),is due to young adults not being taught anything regarding finance – and so are usually / generally Financially illiterate. This then transposes into a tax-base that is always going to be a soft touch – and as Del Boy would say – luverly jubbly!

  5. stewart wooles 9th June 2015 at 2:48 pm

    As the regulators sew, so will the economy reap!

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