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HSBC plans to cut 8,000 jobs in the UK in savings drive

Latest Update: June 10, 2015 | 178 Views

HSBC, Europe’s biggest bank, is planning to cut 8,000 jobs in the UK as it tries to reduce costs.

The bank has 48,000 UK workers and will make cuts in both its retail and investment banking operations.

Chief executive Stuart Gulliver said the jobs would go by “natural attrition”. Staff turnover stood at about 3,000 annually.

A total of 25,000 jobs could be axed globally, meaning close to 10% of HSBC’s 266,000 workers will go.

The bank will also rebrand its UK High Street branches but is yet to decide on a new name.

Options could include reviving the Midland Bank brand, which it bought in 1992, or adopting the name of its UK online bank, First Direct.

Chief executive Stuart Gulliver said he wanted to ensure that customers made a distinction between HSBC’s investment and retail banking operations.

The bank is being forced by new government rules to formally separate the two businesses.

Dominic Hook, national officer with the union Unite, called on HSBC to achieve any job cuts through voluntary means and natural attrition.

“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,” he told BBC Radio 4’s Today programme.

The number of UK branches is expected to fall by about 100 from 1,057 now.


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