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HSBC says 1,200 workers face axe HSBC says 1,200 workers face axe
(about 2 hours later)
Europe's biggest bank, HSBC, has said up to 1,200 of its staff in the UK could face redundancy.Europe's biggest bank, HSBC, has said up to 1,200 of its staff in the UK could face redundancy.
The bank said the individuals who could be affected by job losses were being briefed on Wednesday.The bank said the individuals who could be affected by job losses were being briefed on Wednesday.
At least a third of the staff cuts will come from back office operations such as call centres, not from High Street branches, a spokesman said.At least a third of the staff cuts will come from back office operations such as call centres, not from High Street branches, a spokesman said.
Unions are disputing the figure, saying the total number of jobs lost in the UK will be closer to 3,000.Unions are disputing the figure, saying the total number of jobs lost in the UK will be closer to 3,000.
'Difficult decisions''Difficult decisions'
An operation centre in Leamington Spa, near Warwick, will lose 280 positions and a call centre in Newport, Wales, will be shut down, and about 150 jobs will be lost in London, HSBC spokesman Tim Pie said. An operation centre in Leamington Spa, near Warwick, will lose 280 positions, about 150 jobs will be lost in London and and a call centre in Newport, south Wales, will be shut down, HSBC spokesman Tim Pie said.
HSBC cut about 500 jobs from its London head office in December. The jobs cuts announced are in addition to the 500 jobs lost at HSBC's London head office in December.
"This is a kick in the teeth of the bank's employees Derek Simpson, Unite union"This is a kick in the teeth of the bank's employees Derek Simpson, Unite union
"The operating environment for banks in the UK is extremely challenging and will remain so for some time," HSBC UK managing director Paul Thurston said in the statement."The operating environment for banks in the UK is extremely challenging and will remain so for some time," HSBC UK managing director Paul Thurston said in the statement.
"There are difficult decisions that have to be made as we adapt to a new environment," Mr Thurston said."There are difficult decisions that have to be made as we adapt to a new environment," Mr Thurston said.
Its rights issue, backed by shareholders last week, will be the biggest in UK corporate history. Commenting on the closure of the Newport call centre, Ed Townsend, Welsh Liberal Democrat parliamentary candidate for Newport East said:
"This is yet another blow to the region coming on the back of many similar announcements during the past few months."
"I'm pleased that HSBC is trying to find alternative employment for those facing redundancy, and hope that there will be opportunities in the locality."
Job cutsJob cuts
A union representing some HSBC staff responded angrily.A union representing some HSBC staff responded angrily.
"Unite can see no justification for the efficient and dedicated staff in the UK to lose their jobs and all basic and standard current accounts to be serviced from India," said Derek Simpson, the joint general secretary of the Unite union."Unite can see no justification for the efficient and dedicated staff in the UK to lose their jobs and all basic and standard current accounts to be serviced from India," said Derek Simpson, the joint general secretary of the Unite union.
"This is a kick in the teeth of the bank's employees.""This is a kick in the teeth of the bank's employees."
BBC News is tracking where jobs have been created and lost around the UK BBC UK jobs tracker BBC News is tracking where jobs have been created and lost around the UK BBC UK jobs tracker
Unite argues that the total number of job losses will be 2,900 as roles are left unfilled when employees are moved into different areas, retire or resign.Unite argues that the total number of job losses will be 2,900 as roles are left unfilled when employees are moved into different areas, retire or resign.
Mr Pie said those additional job losses through attrition had been discussed with the union, but no number had been decided by the bank.Mr Pie said those additional job losses through attrition had been discussed with the union, but no number had been decided by the bank.
HSBC has a total staff of about 330,000, with 58,000 of those employed in the UK.HSBC has a total staff of about 330,000, with 58,000 of those employed in the UK.
Shares in London fell 2.7% to 380.75 pence.Shares in London fell 2.7% to 380.75 pence.
Bankers lostBankers lost
Unlike other UK banks, HSBC has not received any support from taxpayers. But last week shareholders approved a £12.5bn share sale - the biggest in UK corporate history.
Financial firms have been cutting workers and trying to raise money as they struggle to cope with the worst crisis since the Great Depression in the 1930s.Financial firms have been cutting workers and trying to raise money as they struggle to cope with the worst crisis since the Great Depression in the 1930s.
The Royal Bank of Scotland, which is one of several banks that have been bailed out by the UK government in exchange for stakes, has said it will cut 2,700 jobs in the UK.The Royal Bank of Scotland, which is one of several banks that have been bailed out by the UK government in exchange for stakes, has said it will cut 2,700 jobs in the UK.
In January, Barclays cut 4,200 jobs from its UK banking business, with half coming from back office operations and the other half coming from its fund management, private banking and investment banking units.In January, Barclays cut 4,200 jobs from its UK banking business, with half coming from back office operations and the other half coming from its fund management, private banking and investment banking units.
Insurers Royal Sun Alliance, Legal & General and Standard Life have all said they will cut jobs.Insurers Royal Sun Alliance, Legal & General and Standard Life have all said they will cut jobs.