HSBC to cut 1,700 jobs in UK
Nov 3, 2009
LONDON, Nov 3, 2009 (AFP) - HSBC is to cut more than 1,700 jobs across its retail banking division in Britain, a spokesman for the global group said on Tuesday. HSBC will axe 'just over 1,700' jobs, a spokesman told AFP.
The announcement came as the British government unveiled a major shake-up of the country's banking sector and one day after state-controlled Royal Bank of Scotland (RBS) said it would eliminate about 3,700 jobs across its British retail operations.
HSBC said in a statement that its job cuts would occur over the next 12 months, while it would create hundreds of new roles over the coming year.
'Decisions that affect our people are always difficult, but this restructure is an essential part of the streamlining of our business and the migration of activities into centres of excellence around the country,' said HSBC UK Chief Executive Paul Thurston.
HSBC said it currently employs about 40,000 people in the UK Retail Bank. Overall, the group is shifting its attention away from the West towards the East. In September, HSBC announced it was moving its chief executive to Hong Kong from London.
Tuesday's announcements come one week after the European Commission approved the state aid in plans to break up and sell Britain's nationalised bank Northern Rock. -- AFP
Nov 3, 2009
LONDON, Nov 3, 2009 (AFP) - HSBC is to cut more than 1,700 jobs across its retail banking division in Britain, a spokesman for the global group said on Tuesday. HSBC will axe 'just over 1,700' jobs, a spokesman told AFP.
The announcement came as the British government unveiled a major shake-up of the country's banking sector and one day after state-controlled Royal Bank of Scotland (RBS) said it would eliminate about 3,700 jobs across its British retail operations.
HSBC said in a statement that its job cuts would occur over the next 12 months, while it would create hundreds of new roles over the coming year.
'Decisions that affect our people are always difficult, but this restructure is an essential part of the streamlining of our business and the migration of activities into centres of excellence around the country,' said HSBC UK Chief Executive Paul Thurston.
HSBC said it currently employs about 40,000 people in the UK Retail Bank. Overall, the group is shifting its attention away from the West towards the East. In September, HSBC announced it was moving its chief executive to Hong Kong from London.
Tuesday's announcements come one week after the European Commission approved the state aid in plans to break up and sell Britain's nationalised bank Northern Rock. -- AFP
