HSBC announces fresh job cuts

26/03/2009

Global bank HSBC is to cut a further 1,200 jobs in the UK, it has announced.

The financial firm has been hit hard by the credit crunch along with other banks and is currently looking to reduce staff numbers.

Trade union Unite, which represents some HSBC workers, said that the eventual toll from the latest round of cuts could be as high as 2,900 staff.

The Bank, which is Europe's largest, employs around 58,000 people in the UK.

Paul Thurston, UK managing director at HSBC, said that the credit crunch was to blame for the staff cuts.

"The operating environment for banks in the UK is extremely challenging and will remain so for some time," he commented.

"There are difficult decisions that have to be made as we adapt to a new environment and ensure we are well positioned for the future."

HSBC profits fell by 70 per cent in 2008, as the credit crunch led to countries around the world falling into recession.

In Britain, unemployment has risen as a consequence to over two million people - a level not seen for over a decade.

Tags; Young Family Finances, Job loss, Recent Graduate Debt,

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