HSBC to cut 1,400 jobs
Banking giant HSBC has announced that 1,400 head office and support staff jobs in the UK are to go.
A spokeswoman for the bank said that around half of the reduction was likely to come through redundancies while the remainder was expected to result from natural wastage and a recruitment freeze over six months.
HSBC said the cuts were needed to help it remain “competitive” in the face of tough economic conditions and rising costs including taxes and pensions contributions.
But a statement from the bank said that the decision also reflected the process of consolidating its London offices at its new Canary Wharf site.
Chief executive Bill Dalton said: “This is a painful decision for any business but one we have to make to ensure our future competitiveness."
