<< back to previous page

HSBC to cut 1,700 jobs, but create "hundreds" more

Published: Thursday, 05 November 2009   Category: Professional & financial services

Graduates searching for work may be interested to hear that British bank HSBC has revealed it is to cut hundreds of jobs.

The lender will let 1,700 staff go, although it has promised to create "several hundred new roles in 2010.

With 300,000 employees worldwide and 40,000 in the UK, the layoffs will help to trim the lender's wage bill.

Many of the redundancies will be in the support service side of the business with credit cards and collections staff taking the biggest hit.

It is believed in-branch jobs will be largely unaffected, but head of the firm's UK operations Paul Thurston said the choice was not an easy one.

"Decisions that affect our people are always difficult, but this restructure is an essential part of the streamlining of our business," he revealed.

Meanwhile, with negative recruitment news such as this, it may be understandable that a recent Scottish Provident poll found that more than one in five (21 per cent) respondents expect their standard of living to drop in the next ten years.