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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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Ulster Bank has announced that improving exports and more consumer spending has led to an improving economy, despite yesterday's downgrading of Ireland's credit rating. Ulster Bank said today it was revising its forecasts for Irish economic growth in 2010 upwards, predicts average annual GDP growth of 1%, up from -0.5% previously.
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Northern Bank posts record annual results
The annual results from the Northern Bank have revealed pre-tax profits of £111m up 13% on the previous corresponding year-end figures. The results include a £19.9m profit in relation to the disposal of subsidiary company Northern Bank Insurance Services to Wealth Management Europe Holdings another subsidiary of National Australia Bank.
Northern Bank posts record annual results
The annual results from the Northern Bank have revealed pre-tax profits of £111m up 13% on the previous corresponding year-end figures. The results include a £19.9m profit in relation to the disposal of subsidiary company Northern Bank Insurance Services to Wealth Management Europe Holdings another subsidiary of National Australia Bank.
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Honohan Calls On 'Banks To Re-Vamp'
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Honohan Calls On 'Banks To Re-Vamp'
The Irish Central Bank Governor, Patrick Honohan, has called on banks to re-vamp their methods of dealing with the growing problem of mortgage arrears. Speaking at the Oireachtas Finance Committee, he said some would undoubtedly resume paying their mortgages, but some just will not recover.
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Ulster Bank Announce New Vertical Bank Notes
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31 July 2001
Halifax and Bank of Scotland merger costs total £21 million
The Halifax's merger with Bank of Scotland has cost £21 million, the mortgage bank has revealed. The merger which took effect on Tuesday July 31st will see the Halifax, the UK’s biggest mortgage lender diversify into small business and corporate banking, while Bank of Scotland will gain retail deposits and branches.
Halifax and Bank of Scotland merger costs total £21 million
The Halifax's merger with Bank of Scotland has cost £21 million, the mortgage bank has revealed. The merger which took effect on Tuesday July 31st will see the Halifax, the UK’s biggest mortgage lender diversify into small business and corporate banking, while Bank of Scotland will gain retail deposits and branches.
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Northern Ireland WeatherThis Evening and Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Perhaps a touch of ground frost. Cloud will spread east towards morning. Minimum temperature 2 °C.
