HSBC to cut 330 UK jobs

HSBC is cutting around 330 jobs in the UK as part of a regional restructure of its commercial banking division and in response to “the very challenging economic environment”.

Around 232 staff in HSBC’s commercial bank will be affected, as the division reduces from nine regions to six.

The six new regions will be London, Midlands, Scotland, North, South & East and South West & Wales.

A further 58 jobs will be cut  from the bank’s technology services division with staff affected in Sheffield, Bristol, Hemel Hempstead and Southampton.

Some 20 roles in HSBC’s retail bank in Northern Ireland will also be affected following the merger of two branches in central Belfast and the relocation of Northern  Ireland’s regional management to the North of England.

The remaining jobs will be lost from head office departments and European IT roles in the UK.

HSBC UK bank head Joe Garner says: “We are acutely aware of how difficult the economic environment is at the moment, and these decisions were only taken after long and careful consideration.  Every effort is being made to support impacted employees and redeploy as many people as possible within the bank.”

Unite national officer David Fleming says: “For the hugely profitable HSBC bank to announce job cuts just three weeks before Christmas is disgraceful. Unite has urged the bank to reconsider this decision which will cause unhappiness for staff during the holiday period.

“Staff at the bank have seen constant turmoil since August when the bank announced 25,000 job cuts globally. This decision is another blow.”

The job cuts have been announced on the same day as HSBC was fined £10.5m by the FSA for misselling investment bonds to fund long-term care costs through subsidiary Nursing Homes Fees Agency to elderly customers.

HSBC estimates that a further £29.3m in compensation will be paid to NHFA customers.

Fleming adds: “On the day when HSBC has been fined £10.5m for giving inappropriate advice to elderly customers, it is bizarre that it would choose to make staffing cuts. Instead the bank should be working to improve the quality of its service.”