HSBC axes further 1,149 UK jobs to cut costs

HSBC is cutting a further 1,149 jobs in the UK as bank of its three-year cost-cutting plan.

HSBC is cutting a further 1,149 jobs in the UK as bank of its three-year cost-cutting plan.

The redundancies come on top of a 2,200 cull a year ago at the bank's UK operations.

The bank, which employs just over 47,000 employees in Britain, said 3,166 positions would be affected.

Advertisement - Article continues below

However, just over 2,000 will be redeployed, resulting in 1,149 job losses.

HSBC's wealth management division will take the biggest hit as the company begins to move advisors to its consumer retail banking business in June.

"I understand change is always unsettling, particularly for those directly affected," said head of HSBC Bank, Brian Robertson.

"However, I also firmly believe what we are proposing is essential in order for us to fulfil our customers' expectations.

"With the banking behaviour of our customers continually evolving we must change our business to meet their needs."

He also said he was confident a significant majority would keep their jobs while those affected by the cuts would be offered new roles where possible.




Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular


House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020

The end of the bond bull market and the return of inflation

Central bank stimulus, surging post-lockdown demand and the end of the 40-year bond bull market. It all points to inflation, says John Stepek. Here’s …
30 Jun 2020

How can markets hit new record highs when the economy is in such a mess?

Despite the world being in the midst of a global pandemic, America's Nasdaq stock index just hit an all-time high. And it's not the only index on a bu…
3 Jul 2020