18 February 2018
visit www.ebaday.com

HSBC sharpens the axe ahead of UK retail staff cull - Reuters

25 April 2012  |  6676 views  |  0 HSBC logo web screen shot

HSBC is set to slash 2000 jobs in the UK as it restructures its retail banking business in preparation for new regulations, Reuters reports.

Citing 'people familiar with the matter', the newswire says the job cuts will be announced on Thursday. The cull, which affects five percent of the bank's 52,000-strong UK staff, will hit retail banking and head office functions.

Staff working as in-branch investment advisers and back office administrators will be the main victims.

The cuts are part of chief executive Stuart Gulliver's global revamp to cut 30,000 jobs by the end of 2013, says Reuters, and to streamline the bank for new product sales rules under the forthcoming Retail Distribution Review.

HSBC cut almost 7,000 jobs globally last year, leaving it with about 288,000 employees at the end of December.
KeywordsPEOPLE

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Barclays names HSBC's Rumi Contractor COO, UK retail and business banking

Barclays names HSBC's Rumi Contractor COO, UK retail and business banking

04 January 2012  |  12534 views  |  0 comments
HSBC to shed hundreds of UK jobs

HSBC to shed hundreds of UK jobs

06 December 2011  |  8400 views  |  0 comments
HSBC to cut 25,000 jobs

HSBC to cut 25,000 jobs

01 August 2011  |  9348 views  |  1 comments
Lloyds banks on job cuts and IT to slash costs; HSBC swings the axe

Lloyds banks on job cuts and IT to slash costs; HSBC swings the axe

30 June 2011  |  10285 views  |  0 comments
HSBC targets IT in cost cutting drive

HSBC targets IT in cost cutting drive

11 May 2011  |  13017 views  |  0 comments
HSBC cuts 500 jobs at US card business

HSBC cuts 500 jobs at US card business

21 January 2011  |  11102 views  |  0 comments
HSBC puts Thurston in charge of tech transformation programme

HSBC puts Thurston in charge of tech transformation programme

29 November 2010  |  9122 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit http://info.nice.comvisit www.swift.com/your-needs/instant-paymentsVisit www.vasco.com

Who is commenting?

Top topics

Most viewed Most shared
Saudi central bank provides sandbox for banks to try out Ripple techSaudi central bank provides sandbox for ba...
10722 views comments | 16 tweets | 11 linkedin
Aussie real-time payments platform goes liveAussie real-time payments platform goes li...
8401 views comments | 15 tweets | 41 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
8099 views 10 comments | 21 tweets | 26 linkedin
hands typing furiouslyHow can Blockchain Help with AML KYC
7833 views 3 | 9 tweets | 4 linkedin

Featured job

Six-Figure-Base, Double OTE, Benefits Package
London, UK

Find your next job