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Rediff.com  » Business » HSBC may slash 1,200 jobs in UK

HSBC may slash 1,200 jobs in UK

March 25, 2009 18:44 IST

Global banking major HSBC plans to trim its headcount by about 1,200 people in the UK, says a media report.

"HSBC is cutting 1,200 British jobs in the bank's third attempt at slashing its costs in the continuing financial services downturn," The Times reported on Wednesday.

The report published online said the redundancies, which are being announced to staff today, would affect all areas of the country, hitting employees in back office units that service HSBC's retail and small business customers.

The current layoffs are in addition to the "500 redundancies signalled in December", it added.

"In September last year, HSBC took the axe to its global banking division with the loss 1,100 jobs worldwide, including 500 in the UK," the publication said.

Quoting HSBC managing director Paul Thurston, the report said the environment was challenging and would remain so for some time.

"There are difficult decisions that have to be made as we adapt to a new environment, and ensure we are positioned for the future. We deeply regret that these have led to the announcement of redundancies and, as you would expect, we will do everything we can to help and support those of our colleagues who are affected," Thurston was quoted as saying.

Besides, the report said, two business centres are to be closed one in Leamington Spa where 280 jobs would be lost and a call centre in Newport in Wales, where 90 roles are being cut.

The Times said, layoffs announced in December of 500 UK staff were focused on head office in Canary Wharf in London.

The report quoted an HSBC spokesman saying, "no retail branch or frontline sales staff are being cut.

"These are people who are processing application forms, processing the purchase of investments," he added. Jobs will also be lost in finance, human resources and information technology.

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