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18/06/2004
HSBC to cut 3,500 jobs in cost-cutting exercise
Up to 3,500 UK jobs are set to go at HSBC bank as the group reorganises in an effort to cut costs, it has emerged.
The bulk of the jobs will in the bank's London headquarters, but the remaining losses will be spread evenly across the company.
However, the blow has been softened with news that the bank will recruit around 1,000 new branch staff.
A spokesperson for the bank told the BBC that the move was necessary as costs were rising at a higher rate than revenues (9.8% compared to an 8.4% rise in costs).
The finance union UNIFI has voiced its anger and said that it is consulting members on what action they want to take.
UNIFI official Rob O’Neill said that the move was "terrible news for staff and customers". The union said that the bank will be "losing committed and experienced staff".
“These latest plans to cut jobs are coming from the top down in order to slash costs and is certainly not a measured look at the business needs and the staff required to deliver a good service to customers,” he added.
(gmcg)
The bulk of the jobs will in the bank's London headquarters, but the remaining losses will be spread evenly across the company.
However, the blow has been softened with news that the bank will recruit around 1,000 new branch staff.
A spokesperson for the bank told the BBC that the move was necessary as costs were rising at a higher rate than revenues (9.8% compared to an 8.4% rise in costs).
The finance union UNIFI has voiced its anger and said that it is consulting members on what action they want to take.
UNIFI official Rob O’Neill said that the move was "terrible news for staff and customers". The union said that the bank will be "losing committed and experienced staff".
“These latest plans to cut jobs are coming from the top down in order to slash costs and is certainly not a measured look at the business needs and the staff required to deliver a good service to customers,” he added.
(gmcg)
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Barclays staff reshuffle to create 200 extra jobs
Barclays bank is set to create an aggregate of 200 extra jobs after it announced plans to reshuffle staff today. The high street bank will create around 1,000 "new customer-facing jobs" in its branch network, but will cut around 800 jobs in a cost-savings programme aimed at "driving out duplication".
Barclays staff reshuffle to create 200 extra jobs
Barclays bank is set to create an aggregate of 200 extra jobs after it announced plans to reshuffle staff today. The high street bank will create around 1,000 "new customer-facing jobs" in its branch network, but will cut around 800 jobs in a cost-savings programme aimed at "driving out duplication".
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