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HSBC to slash down another 14000 jobs

Last Updated: Thursday, May 16, 2013 - 19:49

London: HSBC is determined to slash 14000 jobs despite earning huge profits and plans for a cost-cutting worth 2 billion pounds over the next three months.

HSBC’s chief executive Stuart Gulliver administered 46000 job cuts since joining the firm in 2011, the Mirror reports.

Gulliver said that the bank will continue to exert pressure on cost cutting disciplines while streamlining processes and procedures so that the bank can invest more in growth and global standards.

According to the report, this year will witness a drop in the employee figures from 261,000 last year to 254,000 as part of existing cuts as the bank has confirmed targeting a global headcount of 240,000 to 250,000 by 2016.

HSBC has confirmed it has begun cutting down over 3166 jobs in UK despite achieving profits 13 billion pounds last year.

While the bank will see vacancies in wealth management and advice services, it plans to rip off 1149 existing roles even as it will create over 2000 new roles.

Dominic Hook, national officer at trade union Unite said that HSBC should stop sacking workers as it has some responsibilities towards the communities it profits from, adding that it is reprehensible to cull down jobs when the bank is making substantial profits.

Hook also said that HSBC must engage in treating its workers justly, allowing them to have a share in the profits that they have contributed to and improving its customer service.


First Published: Thursday, May 16, 2013 - 19:49
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