June 9, 2015: HSBC, Europe’s biggest bank, tries to reduce costs and simplify its business by planning to cut 8,000 jobs in the UK where 48,000 UK workers has been working.
The bank will make cuts in both its retail and investment banking operations where a total of 25,000 jobs could be axed globally, meaning close to 10% of HSBC’s 266,000 workers will go.
Dominic Hook, national officer said that it’s really sad that all members, all the hard work they’ve done to try to get the bank back working properly after all the scandals of the last few years, are going to be paying with their jobs. He added that HSBC chief executive Stuart Gulliver is running a bank that investors believe simply doesn’t make enough money.
It is said that the the bank will also ringfence its UK operations and sell businesses in Turkey and Brazil.The UK job cuts would come as a shock to staff: “Global banking now is a far tougher business than it was pre-the financial crisis. It is hard to get profits.”, said BBC business editor Kamal Ahmed.