HSBC announces job cuts

1 July 2011

A raft of job cuts have been announced by HSBC.

The lender said it will be reducing staffing numbers by laying off 840 workers in a bid to implement its longer-term strategies.

In efforts to reshape its UK business, the institution is to dispose of 460 financial advisers, with a further 240 employees in IT, head office and service delivery also being made redundant.

The Unite union stated the workforce being "hit by these extensive cuts today were in no way responsible for the banking crisis, yet it is these staff, many of them low-paid, who are having to pay".

It demanded HSBC explores every possible avenue in an attempt to avoid such job losses and to turn its thoughts away from redundancy and towards redeployment and further training.

The news comes as Goldman Sachs revealed it is planning to lay off 230 employees based in New York, with the action to take place across the fourth quarter of 2011 and the first three-month period of 2012.

By Tony Aynsley

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