HSBC to cut over 800 jobs

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HSBC is to cut more than 800 jobs as the lender shifts focus to its India, China and Poland business following a major restructuring plan.

The cuts will see 840 IT staff affected in London, Sheffield, Leeds and Birmingham. The move forms part of HSBC’s previously announced three-year plan to cut 8,000 jobs in the UK.

Sheffield will see the biggest number of cuts with 595 roles affected.

The bank says it expects the majority of impacted staff to leave by the end of the year.

In June when the bank announced the wider job losses, HSBC chief executive Stuart Gulliver said most of the job losses in Britain would come from employees leaving of their own accord.

The employees affected by the cuts are based in London, Sheffield, Leeds and Birmingham and all the jobs will disappear by the end of this year.

HSBC UK chief operating officer John Hackett says: “In our investor update in June, and many times since, we have stated we are targeting significant cost reductions by the end of 2017.

“As part of a global relocation exercise, around 840 non-customer-facing IT roles will transfer from the UK to other sites around the world by the end of March 2017. The UK will continue to play an important role in HSBC’s global IT infrastructure, employing several thousand IT professionals.”

Unite national officer for finance Dominic Hook says: “HSBC’s decision to axe so many IT jobs is as ruthless as it is reckless. For almost a year staff have been left in the dark about their futures, only to be told that before being shown the door they’re expected to train someone in India or China who will do their job for less money.

“Offshoring IT jobs to so-called ‘low cost economies’ is extremely short sighted. As IT glitches across the banks continue to prove, it is ultimately the customers who will suffer the consequences.”