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3,100 jobs to go at HSBC

Nia Williams

April 23, 2013

In total 3,166 employees will be affected by the latest round of cuts but the bank said that it hopes to redeploy over 2,000 of them elsewhere in the business.

Out of the 3,166 jobs at risk some 942 are in relationship management roles including financial adviser positions.

Brian Robertson, chief executive of HSBC, said: “I understand change is always unsettling particularly for those directly affected.

“However I also firmly believe what we are proposing is essential in order for us to fulfil our customers’ expectations.

“With the banking behaviour of our customers continually evolving we must change our business to meet their needs.

“We are doing everything possible to offer impacted employees opportunities from the many newly created roles and I’m confident a significant majority will remain with the bank.”

Last month the bank announced pretax profits for 2012 of $20.6bn missing City expectations by nearly $3bn as it was hit with record fines and mis-selling claims.

Today’s cuts are the latest by the bank which laid off almost 7,000 staff in 2011 as part of the same cost-cutting programme.


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