Fears over HSBC job losses in Sheffield

HSBC  is to cut between 22,000 and 25,000 jobs globally including a reported 8,000 in the UK as part of an overhaul to slash costs and reshape the business. PRESS ASSOCIATION Photo.
HSBC is to cut between 22,000 and 25,000 jobs globally including a reported 8,000 in the UK as part of an overhaul to slash costs and reshape the business. PRESS ASSOCIATION Photo.
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Banking giant HSBC is to axe 25,000 jobs, with fears that 8,000 could go in the UK.

The bank, a large Sheffield employer, is to cut between 22,000 and 25,000 jobs globally as part of an overhaul to slash costs and reshape the business.

The bank said it was planning a reduction of around 10 per cent of its full-time workforce.

It is thought 8,000 jobs could go in the UK, where HSBC has around 48,000 employees.

The group also announced aims to sell its businesses in Turkey and Brazil, which will see its workforce reduce by around another 25,000.

It comes as the bank seeks to deliver annual cost savings of around £2.9 billion to£3.3 billion by the end of 2017.

HSBC also confirmed it would finish its review of where to base its headquarters by the end of the year, after announcing recently that it was considering a move away from the UK due to regulatory and structural reforms.

HSBC said it was undertaking a ‘significant’ reshaping of the business.

The announcement came ahead of an investor presentation on HSBC’s strategy by chief executive Stuart Gulliver.

He said the actions being taken would ‘transform our organisation’.

He added: “We recognise that the world has changed and we need to change with it.”

Dominic Hook, Unite’s national officer for finance, said: “Unite are seeking to meet with UK Chief Executive Antonio Simoes as soon as possible to demand that any redundancies are through voluntary means or managed through natural attrition.

“This latest wave of job losses is a stab in the back to a dedicated workforce who have put HSBC back on the road to recovery since 2008.

“After all the scandals of recent years, front line staff have suffered time and time again as they are forced to pay for the mistakes of others with their jobs, their terms and conditions and their reputation.

“Unite will consult with our members in HSBC, we will fight for them and we will support them.”