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09/06/2015
HSBC Announce Thousands Of UK Job Cuts
HSBC has announced 8,000 job cuts in its UK workforce, as part of a global effort to reduce costs and "simplify its business".
Europe's largest bank, which currently employs 48,000 people in the UK, has said that it will seek to make 25,000 job cuts globally, reducing its worldwide workforce of 266,000 by about 10%.
The bank added that it will also rebrand its High Street branches in the UK, but said that a new name has not yet been chosen.
The bank has been forced by new government rules to make a formal distinction between its investment banking business and its retail banking operations.
It is not yet clear how or from which departments the job cuts will be made.
(MH)
Europe's largest bank, which currently employs 48,000 people in the UK, has said that it will seek to make 25,000 job cuts globally, reducing its worldwide workforce of 266,000 by about 10%.
The bank added that it will also rebrand its High Street branches in the UK, but said that a new name has not yet been chosen.
The bank has been forced by new government rules to make a formal distinction between its investment banking business and its retail banking operations.
It is not yet clear how or from which departments the job cuts will be made.
(MH)
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Job Cuts Planned At Troubled Bank?
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