The Star Says: HSBC announcement shows no job is safe anymore

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There doesn’t seem to be such a thing as a job for life anymore.

Maybe there never has been ‘the good old days’, but it did seem from times gone by that people would join an industry when they left school and would receive the fabled gold watch just before retirement.

Of course, there are still lots of jobs out there.

If you look hard enough you’ll find one.

And if you are prepared to up sticks and move around the country leaving friends and family behind you may find a career, although it may not be the one you dreamed of growing up.

Most of us are in work –that’s not the problem here.

The issue is a lack of job security which makes life difficult to plan for.

Zero hours contracts are at one end of the spectrum, but this isn’t a debate about the merits or ills of those.

It is about one of the last bastions of high street solidity shedding jobs, which could affect hundreds of people based in Sheffield.

Jobs may be at risk after banking giant HSBC announced plans to cut 8,000 staff in the UK

The bank is one of the city’s biggest employers, with more than 1,500 employees in the city.

So when HSBC reveals it will close 12 per cent of branches in the bank’s top seven countries, which includes the UK, it is a sign that the economy is a very difficult place to predict – and to survive in.

HSBC branches in Sheffield include the city centre, Darnall and Meadowhall shopping centre.

The changes are part of the firm’s plans to save up to £5 billion by 2017. Also, worryingly for staff based in Sheffield, the bank has also stated it will create a ‘ring-fenced bank’ in Birmingham, prompting fears some jobs could be relocated there.

IT staff at Griffin House could go after HSBC’s investor statements suggest software development roles and service staff could be at risk.

The bank has been a mainstay of Sheffield for many years. With its sports ground in Dore it has been a traditional employer that keeps hold of its staff and provides a stable environment for families to grow and prosper.

It is sad that this continuity may come to an end. The announcement itself is enough to shake your belief that there is a bit of ‘what-it-used-to-be-like’ out there.

We’ll have to wait and see the outcome of HSBC’s plans but it seems as though there aren’t many institutions safe for lifetime job security anymore.