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HSBC plans to cut up to 30,000 jobs

Wednesday August 3rd 2011

HSBC has announced an efficiency drive which will see up to 30,000 jobs go by 2013.

The firm said the move - which will bring in savings of up to £2.1 billion a year - will affect more than 10% of its workers.

Chief executive Stuart Gulliver said the cuts will include the 5,000 job losses already rolled out by the firm this year - 700 of which were in the UK.

He suggested that a report on the reform of the sector will have a significant impact on how the cuts are carried out when it is published in September.

Mr Gulliver said that the plans could potentially include further redundancies across Britain.

Bank workers union Unite called for HSBC to give information on how the additional cuts announced will affect workers in the UK.

There are 1,290 branches in Britain and around 52,000 workers, out of a global workforce of 296,000.

Copyright © Press Association 2011

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