HSBC To Axe Another 1,149 Jobs

Dripping Tap

Drip, drip, drip.

Reuters reports that HSBC is cutting 1,149 jobs in Britain in another round of redundancies to save money and slim down Europe's biggest bank.

These are part of a 3-year revival plan by Chief Executive Stuart Gulliver to reduce costs, raise returns and focus on profitable areas.

HSBC said on Tuesday the latest cuts reflected the changing nature of customer behaviour and regulation. The bank said its changes mean customers will have a single advisor for their banking and wealth management.

HSBC said 3,166 UK jobs would be affected by the latest plans, but the bank expects to redeploy just over 2,000 of the staff. It adds to 2,200 UK job cuts made a year ago.

The bank employs just over 47,000 staff in Britain, or about 40,000 excluding its investment bank and head office.

The cuts will mostly come from wealth management, where the bank said it is shifting advisors into its consumer retail banking business from June. Some 942 relationship management roles will go, including commercial banking financial advisor positions.

Hit the link below to access the complete Reuters article:

HSBC to shed 1,149 UK jobs in new round of cutbacks

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