HSBC Cuts More UK Jobs

In a bid to reduce costs, HSBC, Europe’s biggest bank, is planning to cut 8,000 jobs in the United Kingdom.

18:23 09 June 2015

HSBC has confirmed its move to cut 8,000 jobs in the UK both on its retail and investment banking operations in a bid to reduce costs. 

 

Chief executive Stuart Gulliver said the jobs would go by "natural attrition.” 

 

Meanwhile, the company also might cut a total of 25,000 jobs globally; the number represents 10per cent of HSBC’s 266,000 workers. 

 

Dominic Hook, national officer with the union Unite, said: "It's really sad that all our members, all the hard work they've done to try to get the bank back working properly after all the scandals of the last few years, are going to be paying with their jobs,"

 

In a statement, Mr Gulliver said: "We recognise that the world has changed and we need to change with it. That is why we are outlining the following... strategic actions that will further transform our organisation,"

 

"Asia [is] expected to show high growth and become the centre of global trade over the next decade. Our actions will allow us to capture expected future growth opportunities."