HSBC chops credit card employees
(4 November 2009 – UK) HSBC has announced plans to shut seven regional offices and cut 1700 support jobs in its retail banking world.
The announcement came as the UK government unveiled a major shake-up of the banking sector and one day after state-controlled Royal Bank of Scotland (RBS) said it would eliminate about 3,700 jobs across its British retail operations.
The majority of the axed jobs will be in the credit card and debt collections departments as the bank puts plans into motion to consolidate operations from nine regional sites to two offices in Birmingham.
HSBC said in a statement that its job cuts would occur over the next 12 months, but it would create hundreds of new roles over the coming year.
The bank has said that most branch staff will be shielded from the axe.
However, HSBC has already shut 37 branches this year and served notice that a further 17 are to be closed by the end of the year and to be followed by 16 more closures in January.
Paul Thurston, chief executive officer, HSBC UK, said that the decisions that affect the bank’s people are always difficult, but this restructure is an essential part of the streamlining of HSBC’s business and the migration of activities into centres of excellence around the country.
The majority of the axed jobs will be in the credit card and debt collections departments as the bank puts plans into motion to consolidate operations from nine regional sites to two offices in Birmingham.
HSBC said in a statement that its job cuts would occur over the next 12 months, but it would create hundreds of new roles over the coming year.
The bank has said that most branch staff will be shielded from the axe.
However, HSBC has already shut 37 branches this year and served notice that a further 17 are to be closed by the end of the year and to be followed by 16 more closures in January.
Paul Thurston, chief executive officer, HSBC UK, said that the decisions that affect the bank’s people are always difficult, but this restructure is an essential part of the streamlining of HSBC’s business and the migration of activities into centres of excellence around the country.
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