HSBC is to cut over 1,000 jobs in total as it pushes through a three-year cost-cutting plan.
The bank said that 3,166 positions were to go, mostly from the wealth management division, but that it was creating around 2,000 new positions which it hoped to fill with the “displaced” employees.
The bank axed 2,200 jobs last year as it continues its drive to streamline staffing and cut costs.
This will be continued in June, when wealth management and commercial advisers, who support savers and business owners respectively, will be merged into the main retail banking advisory business.
The bank’s chief executive, Brian Robertson, said that he was confident a “significant majority” of the affected staff would remain with the bank in some capacity.
"I understand change is always unsettling, particularly for those directly affected," he said.
"We are doing everything possible to offer impacted employees opportunities from the many newly created roles.”
Unions are expected to ballot their members for strike action, furious at what they see as a needless job-cutting spree from the bank to fund further profits at the expense of its employees.
Are you an HSBC customer or employee? What do you make of the latest round of job cuts? Drop us a comment below and let us know.
James Booker
Which4U
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