HSBC

Type
Internal restructuring
Country
World
Region
Location of affected unit(s)
United Kingdom, France, Poland, United States, other locations
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
5,000 - 25,000 jobs
Number of planned job losses
Job loss
Announcement Date
1 August 2011
Employment effect (start)
3 January 2011
Foreseen end date
31 December 2012

Description

British banking company HSBC has already cut 5,000 jobs worldwide this year and another 25,000 job cuts are planned to occur by 2013. The most affected countries are the UK (700 job cuts), France (700 job cuts), the Middle East and parts of Latin America. HSBC also announced the closure of its retail bank in Poland last week. The group is still hiring in emerging economies such as Brazil and Mexico.

Sources

  • 29 July 2011: The Times
  • 1 August 2011: The Financial Times

Citation

Eurofound (2011), HSBC, Internal restructuring in World, factsheet number 72255, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/72255.