HSBC jobs cull

Urgent talks have been called for with HSBC bosses to discuss the ‘serious implications’ for UK staff after the bank announced it will axe 35,000 jobs globally, Unite said today (February 18).

 

Unite, which represents nearly 20,000 HSBC staff, mainly working in branches and contact centres, including First Direct, and in back office and processing roles, said that a line in the sand needs to be drawn over the banking giant’s continual salami slicing of jobs.

 

HSBC today announced its annual report for 2019 with profits plunging by 33 per cent and a plan to cut 35,000 jobs in the next three to five years. This is far in excess of the 10,000 job losses widely reported last October and is yet another major reorganisation with significant job losses.

 

Unite national officer for finance Dominic Hook said, “Despite HSBC still making billions of dollars of profit, once again hardworking and dedicated staff have woken up to the news that their job could be at risk.

 

“Unite is seeking urgent discussions with senior management to understand the serious impact of this announcement and what it will mean for our members in the UK,” he added.

 

“Banks are always going on about their human face in their marketing campaigns, but it is always the frontline staff that bear the brunt of the cost-cutting, salami slicing plans – we need to draw a line in the sand over this business model.”

 

Noel Quinn, interim chief executive, said HSBC would scale back its headcount from 235,000 to around 200,000 over the next three years. The bank currently operates in more than 50 countries across North America, Europe, the Middle East and Asia. It employs more than 40,000 people in the UK.