HSBC job cuts announced

02/12/2008

New job cuts have been announced at HSBC.

According to union Unite, over 500 jobs are to go at the bank.

The HSBC news follows the announcements last week from big retailers Woolworth's and MFI that they would go into administration.

Thousands of job losses could follow from these moves.

Elsewhere in the banking sector, the planned merger between HBOS and Lloyds TSB could leave tens of thousands of people out of work, while cutbacks have also been announced at Jaguar and BT.

Derek Simpson, joint leader at Unite, said of the HSBC cuts: "Unite is appalled that this news has been delivered so close to Christmas.

"The union has seen no business rationale for these job losses."

Official UK unemployment figures show that around 1.8 million people are currently out of work.

However, analysts expect this figure to rise to two million by the end of the year.

A survey by business leaders has even predicted unemployment to approach three million before 2010.

Tags; Job loss, Recent Graduate Debt,

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