HSBC To Cut 2,000 Jobs In The UK

HSBC To Cut 2,000 Jobs In The UK
News
Like Us On Facebook
Like Us On Facebook

HSBC will tomorrow inform UK-based staff of the cuts, which come as Britain’s biggest bank attempts to reduce its global workforce by 30,000 by the end of next year to help boost profits and adapt its business to new industry regulations. Staff working as in-branch investment advisers and back office administrators will be the main victims of the jobs cull, according to a source with knowledge of the plans.

The cuts to investment advisers is part of HSBC’s reaction to the retail distribution review )RDR), which puts in place in much stricter rules on the sale of financial products to consumers, diminishing the role of branch advisory staff.

Barclays has already started a similar cut back of advisory staff because of the RDR, getting rid of all in-branch investment advisers.

HSBC employs about 52,000 in Britain and the 2,000 cuts will affect less than 5pc of its workforce in the UK. Overall, HSBC plans to cut 30,000 from its global workforce of 300,000 by the end of 2013.

Stuart Gulliver, chief executive of HSBC, said last year the bank would look to cut costs by about $3.5bn (£2.2bn). The lender is introducing new IT systems across its businesses that will improve the efficiency of its operations and allow it to cut staff numbers.

Last year, HSBC cut about 7,000 staff across the world. The bank has also sold off several of its international businesses, including Russia.

The Telegraph

Share Tweet
React
Like Us On Facebook
Like Us On Facebook

Preston Waters

Preston Waters is a thinker. He's not your traditional philosophical persona, however, as he leaves no topic untouched. Covering all the bases, from business to women, Preston Waters is the ultimate man's man for Gen-Y.

More In News

World Sean Levinson

Men In Pakistan Make Curry Using Over 100 Dead Bodies They Dug Up

Pakistan has decided that 2014 is probably a good time to officially declare cannibalism a crime. The two proposed laws were inspired by brothers Mohammad Arif Ali, 35, and Mohammad Farman Ali, 30, who were found last April to have dug up over 100 dead bodies from a local graveyard to feast upon. Residents of […]

World John Haltiwanger

4 Reasons Why You Won’t Catch Ebola On The Subway

Ebola has now arrived in New York City, which has prompted fears about the potential of the disease to spread across the city. It’s understandable that this news would be frightening to people. After all, New York is the most populous city in the country, and Ebola is a foreign disease with no cure. Not […]

World Sean Levinson

High School Shooting In Washington Leaves Two Dead And Four Injured

A high school student fatally shot himself and one other student at a Washington school just north of Seattle this morning. Up to four others were injured, all of whom are students. Shots were reported to have been fired at Marysville-Pilchuck High School at around 10:45 am. The Seattle Times reports that the shooter, believed […]

World Sean Levinson

Cellist Eerily Plays A Duet With Her Own Brainwaves (Video)

Chicago Symphony Orchestra cellist Katinka Kleijn has composed a duet combining her cello with the sound her brainwaves make. She did this by way of an EPOC Neuroheadset, an electroencephalography (EEG) device containing 14 sensors that records the speed, volume and depth of her brain activity, the Chicago Reader reports. Sound engineer Ryan Ingebritsen and […]

World Emily Arata

You Can Now Buy A $2,000 UGG Rug That’s As Cozy As It Is Ridiculous

If you’re in the market for a new rug, look no further than UGG’s just-introduced home collection. The selection of luxury furnishings includes a $2,000 Classic Leather-Bound Rug made from “sumptuous” wool. In case the price doesn’t throw you off, the rug’s fine print mentions it can’t be exposed to sunlight or washed. Instead, this […]

Also On Elite

World

WHO Says Doses Of Possible Ebola Vaccine Could Be Available By 2015

Millions of doses of two potential Ebola vaccines could be available by next year, the World Health Organization said on Friday. The two experimental vaccines made by GlaxoSmithKline (GSK) and the Canadian Public Health Agency are currently being tested in the US, UK and Mali, where Ebola recently spread this week. Should these vaccines prove […]

World

Man With 17-Hour Erection Gets 24 Shots To Make It Go Down

A 23-year-old British man had to have 24 injections into his penis to get rid of an erection that lasted 17 hours. The erection Jason Garnett woke up with last Friday felt like any other, only it wouldn’t go down. The hotel employee took an ice bath and went for a jog, but eight hours […]

World

Girl Miraculously Found In Mexico After Missing For 12 Years

Sabrina Allen went missing 12 years ago and has finally been returned to the custody of her father, Greg. Allen, who disappeared from her Austin, Texas, home at just 4 years old, was kidnapped by her mother, Dara Llorens. As per the terms of Llorens’ custody agreement, she took the little girl for a weekend visit. […]

Dating

10 Real Differences Between Being In Love And Loving Someone

It took me a very long time to learn the difference between being in love with someone and actually loving that person. I learned the hard way, the very, very hard way. Hearts were broken repeatedly over the years, and although I wish the pain could have been avoided, the experiences taught me more than […]

Women

There’s Actually A Kickstarter For A ‘Revolutionary’ New Menstrual Cup

There are many, many advantages to being a female, but periods are not one of them. The average lady menstruates for 2,470 days during her lifetime, or about seven straight years. Though there are ways to skip your period occasionally, a visit from Aunt Flo once in awhile is inevitable, and you just gotta deal. […]