HSBC Cuts Over 1,100 British Jobs

HSBC has announced further redundancies in Britain as part of the bank's three-year Revival plan to cut costs.

It said 3,166 positions in the UK would be affected by the cost-cutting exercise - but that just over 2,000 would be redeployed, resulting in 1,149 jobs losses.

But the Unite union described the announcement as a "disgrace" and said more than 2,000 people would be made redundant as a result of the changes.

It comes a year after 2,200 UK jobs were axed by the bank, which employs just over 47,000 staff in Britain.

The cuts will mainly come from HSBC's wealth management division, as it starts to move advisors to its consumer retail banking business in June.

The group's chief executive, Stuart Gulliver, is attempting to save money, boost returns and focus on its most profitable areas.

Since taking over in early 2011, he has cut 34,500 jobs globally - or 12% of staff.

Stuart Gulliver has cut 12% of HSBC's staff globally

The head of HSBC Bank, Brian Robertson, said: "I understand change is always unsettling, particularly for those directly affected.

"However, I also firmly believe what we are proposing is essential in order for us to fulfil our customers' expectations.

"With the banking behaviour of our customers continually evolving we must change our business to meet their needs." 

He added that affected employees would be offered new roles where possible and he was confident "a significant majority" would remain at the bank.

But Unite said that displaced workers would either not have the right qualifications or would be based in the wrong part of the country to be able to secure a new role at the bank.

The union's national officer Dominic Hook said: "HSBC is making staff suffer in the search for ever greater profits.

"The bank's behaviour is a disgrace ... These cuts are about putting profits before people and will do nothing to improve service or the image of the banking industry."

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