HSBC

Type
Internal restructuring
Country
United Kingdom
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
1,700 jobs
Number of planned job losses
Job loss
Announcement Date
4 November 2009
Employment effect (start)
Foreseen end date

Description

HSBC has announced plans to cut 1700 jobs from back office operations across the UK. The cuts are part of the restructuring of branch network management and the consolidation of the bank's collections and cards operations. Credit card and debt collection services currently based in Southend are to be consolidated in Birmingham. Unite the union said it was "appalled" that HSBC could axe staff who have "contributed to £3bn half-year profits". HSBC plans to implement the redundancies in the next 12 to 18 months.

Sources

  • 4 November 2009: BBC News
  • 9 November 2009: Financial Times

Citation

Eurofound (2009), HSBC, Internal restructuring in United Kingdom, factsheet number 69800, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/69800.