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British bank HSBC to cut 1,400 jobs
London, July 03: British banking group HSBC plans to cut 1,400 jobs by the end of the year, of which about half will be through layoffs.
London, July 03: British banking group HSBC plans to
cut 1,400 jobs by the end of the year, of which about half
will be through layoffs.
Most of the job cuts will be at branches in London,
Southampton and Birmingham, a group spokeswoman said
yesterday.
"This is a painful decision for any business but one we
have to make to ensure our future competitiveness", chief
executive Bill Dalton said.
"We hope the majority of job losses will be achieved by natural turnover or on a voluntary basis. We know this will be a difficult period for some staff and we are committed to helping them through the next few months". Dalton said the job cuts would cost HSBC around 2.5 million dollars.
Rob o'Neill, national secretary of the banking union UNIFI , said he was concerned about the timeframe for the job cuts and rejected any forced redundancies.
"If the bank stick rigidly to their proposed timescale and cannot reassure those staff remaining about future workloads, this will be seen as no more than a cost-cutting exercise designed to get people off the books before the end of the year in order to increase returns to shareholders", he said.
Bureau Report
"We hope the majority of job losses will be achieved by natural turnover or on a voluntary basis. We know this will be a difficult period for some staff and we are committed to helping them through the next few months". Dalton said the job cuts would cost HSBC around 2.5 million dollars.
Rob o'Neill, national secretary of the banking union UNIFI , said he was concerned about the timeframe for the job cuts and rejected any forced redundancies.
"If the bank stick rigidly to their proposed timescale and cannot reassure those staff remaining about future workloads, this will be seen as no more than a cost-cutting exercise designed to get people off the books before the end of the year in order to increase returns to shareholders", he said.
Bureau Report