A major European bank is set to announce a new wave of job cuts in the near future as it continues its global restructuring programme.
HSBC is reportedly making around 2,000 more of its UK workforce redundant in order to cut costs and make sure the company can adjust properly to new regulations being introduced in the banking industry.
Last year, chief executive officer Stuart Gulliver revealed the organisation plans to cut around 30,000 positions globally by 2013, a process that began with a round of 5,000 redundancies in 2011.
Some 700 jobs were lost in the UK during this first wave of cuts and another 2,000 of its workforce of 52,000 in Britain are expected to now also lose their positions.
In response to this speculation, David Fleming, national officer for financial services at the Unite union, said his organisation will oppose these cuts.
"Bank staff deserve so much more than this awful treatment by HSBC or any other employer," he added.
By Gary Cooper