HSBC to cut 2 200 UK workers

2012-04-26 14:40

International bank HSBC says it expects to lay off 2 200 employees as it slims its operations in the United Kingdom.

The bank announced today that it would cut 3 167 roles but expected to find jobs elsewhere in the company for about a thousand of those affected.

The layoffs amount to about 4% of HSBC’s 52 000 employees in Britain.

The bank blamed the cuts on regulations which require it to raise more capital and stop giving free financial advice to customers.

David Fleming, an officer of Unite union, questioned whether a bank which made a net profit of $16.8 billion last year really needed to cut staffing.

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions. publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.