Management jobs go as HSBC cuts 2,000 from UK workforce

HSBC is set to axe 2,000 jobs in the UK over the next 18 months, in the latest jobs bloodbath to hit the country's financial sector.

HSBC – Europe's biggest bank – has already made 4,400 staff redundant in the UK since the start of the credit crunch in 2008. Yesterday it told another 2,000 employees their jobs were disappearing. The affected roles are predominantly management positions on HSBC's retail banking side, with managers at the bank's Canary Wharf headquarters expected to wield the axe hardest. Other cut posts are investment advisers, who are to disappear as part of HSBC's response to the retail distribution review (RDR), which will see far stricter rules implemented on the sale of financial products to consumers. About 5 per cent of the bank's 52,000-strong UK workforce will be cut.

HSBC is expected to make an official announcement about the job losses today.

An insider said the axed posts were part of the 30,000 jobs worldwide that the chief executive, Stuart Gulliver, had earmarked to go by 2013. Mr Gulliver wants to cut annual costs at the bank by about £2.2bn.

He is pulling the bank out of countries where it lacks scale. Last year, the bank axed almost 7,000 jobs around the world, particularly in Hong Kong, Brazil, the US, Canada and Mexico, leaving it with some 288,000 employees at the end of December.

The UK is part of Mr Gulliver's second wave of redundancies.

The banking industry has faced massive job cuts in recent months, with the taxpayer-backed Lloyds Banking Group announcing plans to axe 1,300 jobs and transfer 300 roles to India, and bailed-out Royal Bank of Scotland cutting 464 posts.

The Unite union said that since the start of the financial crisis, Lloyds had shed 28,600 workers and RBS about 26,000. The union's national officer for financial services, David Fleming, said last night: "Unite will oppose any job losses at HSBC and is in dialogue with the bank regarding the speculation today. Bank staff deserve so much more than this awful treatment by HSBC or any other employer. How can this bank consider staff cuts when it was the workforce that delivered it a profit of £13.8bn last year?

"The hypocrisy of CEO Stuart Gulliver taking home £8m, while talking up job losses in order to save money, will not be lost on the workforce."

HSBC declined to give an official comment yesterday.

Start your day with The Independent, sign up for daily news emails
News
people
News
A survey carried out by Sainsbury's Finance found 20% of new university students have never washed their own clothes, while 14% cannot even boil an egg
science...and the results are not as pointless as that sounds
News
politicsIs David Cameron trying to prove he's down with the kids?
News
Cumberbatch was speaking on US television when he made the comment (Getty)
people
PROMOTED VIDEO
ebooks
ebooksA year of political gossip, levity and intrigue from the sharpest pen in Westminster
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Ashdown Group: Client Services Manager - Relationship Management - London

£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...

Recruitment Genius: Credit Controller / Customer Service

£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...

Guru Careers: In-House / Internal Recruiter

£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...

Recruitment Genius: Tax Assistant

Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...

Day In a Page

Woman who was sent to three Nazi death camps describes how she escaped the gas chamber

Auschwitz liberation 70th anniversary

Woman sent to three Nazi death camps describes surviving gas chamber
DSK, Dodo the Pimp, and the Carlton Hotel

The inside track on France's trial of the year

Dominique Strauss-Kahn, Dodo the Pimp, and the Carlton Hotel:
As provocative now as they ever were

Sarah Kane season

Why her plays are as provocative now as when they were written
Murder of Japanese hostage has grim echoes of a killing in Iraq 11 years ago

Murder of Japanese hostage has grim echoes of another killing

Japanese mood was against what was seen as irresponsible trips to a vicious war zone
Syria crisis: Celebrities call on David Cameron to take more refugees as one young mother tells of torture by Assad regime

Celebrities call on David Cameron to take more Syrian refugees

One young mother tells of torture by Assad regime
The enemy within: People who hear voices in their heads are being encouraged to talk back – with promising results

The enemy within

People who hear voices in their heads are being encouraged to talk back
'In Auschwitz you got used to anything'

'In Auschwitz you got used to anything'

Survivors of the Nazi concentration camp remember its horror, 70 years on
Autumn/winter menswear 2015: The uniforms that make up modern life come to the fore

Autumn/winter menswear 2015

The uniforms that make up modern life come to the fore
'I'm gay, and plan to fight military homophobia'

'I'm gay, and plan to fight military homophobia'

Army general planning to come out
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign

What the six wise men told Tony Blair

Months before the invasion of Iraq in 2003, experts sought to warn the PM about his plans. Here, four of them recall that day
25 years of The Independent on Sunday: The stories, the writers and the changes over the last quarter of a century

25 years of The Independent on Sunday

The stories, the writers and the changes over the last quarter of a century
Homeless Veterans appeal: 'Really caring is a dangerous emotion in this kind of work'

Homeless Veterans appeal

As head of The Soldiers' Charity, Martin Rutledge has to temper compassion with realism. He tells Chris Green how his Army career prepared him
Wu-Tang Clan and The Sexual Objects offer fans a chance to own the only copies of their latest albums

Smash hit go under the hammer

It's nice to pick up a new record once in a while, but the purchasers of two latest releases can go a step further - by buying the only copy
Geeks who rocked the world: Documentary looks back at origins of the computer-games industry

The geeks who rocked the world

A new documentary looks back at origins of the computer-games industry
Belle & Sebastian interview: Stuart Murdoch reveals how the band is taking a new direction

Belle & Sebastian is taking a new direction

Twenty years ago, Belle & Sebastian was a fey indie band from Glasgow. It still is – except today, as prime mover Stuart Murdoch admits, it has a global cult following, from Hollywood to South Korea