The move came as the bank's net profit plunged 53% last year. “Unite is appalled by press reports of 10,000 job cuts globally and has raised urgent questions with the management of the bank in order to get vital answers on behalf of our members working within HSBC.”. Get the latest HSBC Holdings, plc. HSBC Hong Kong is very problematic to work with, but it isn’t the only … HSBC is resuming a redundancy plan it put on ice after the coronavirus outbreak, and will cut around 35,000 jobs over the medium term, a memo seen by Reuters today showed. Wednesday, March 25, 2009 - 08:05 AM Here’s a list of financial firms in Europe, the Middle East and Africa that have announced job cuts since Jan. 1: This is a sign that bulls are still in control. It is not yet clear where the job cuts may fall, but analysts at Citi said: “HSBC has a structural profitability challenge in the Americas and Europe and headcount reduction may be appropriate.”. It allows our most engaged readers to debate the big issues, share their own experiences, discuss real-world solutions, and more. HSBC’s boss resigned last month after only 18 months and has already cut 4,000 jobs this year. Start your Independent Premium subscription today. HSBC, the UK's largest bank, is to resume its plans to cut 35,000 jobs. HSBC share price technical outlook. Flint is believed to have left HSBC amid tensions with its new chairman, Mark Tucker, after failing to take swift action on tough decisions at the lender. The job losses would come on top of 4,700 redundancies – mostly senior jobs – announced in early August, when HSBC similarly warned about a challenging global environment linked to US interest rate cuts, Britain’s EU divorce, the US-China trade war, and unrest in Hong Kong. Welcome to HSBC UK banking products including current accounts, loans, mortgages, credit cards. A spokeswoman for the bank said that around half of the reduction was likely to come through redundancies … Want an ad-free experience?Subscribe to Independent Premium. It said the move is because more customers are turning to digital banking. Banking giant HSBC has announced that 1,400 head office and support staff jobs are to go. Investment banks have also suffered from increased competition from automated trading, while increased capital requirements set to come into effect in 2022 are expected to make trading less profitable for a number of players. Bank forced to shed jobs due to low interest rates, Brexit and global tariff wars, First published on Mon 7 Oct 2019 00.33 EDT. The UK-listed bank had initially announced the … Four Oaks Neighbourhood News. HSBC's email saying it's pausing redundancies due to the virus. The bank employed 237,685 people around the world at the end of June. HSBC to close 82 branches this year. HSBC TO CLOSE IN NAILSEA HSBC is to close 82 branches in the UK between April and September this year including the branch at Crown Glass Shopping Centre, Nailsea. CEO Quinn last month announced a temporary halt to plans for 35,000 redundancies … (HSBC) stock news and headlines to help you in your trading and investing decisions. PARIS (Reuters) - HSBC France plans to cut 466 workers by 2018 through voluntary redundancies according to a project presented to staff, the bank said said on Wednesday. You can also choose to be emailed when someone replies to your comment. Insiders would agree. HSBC has joined the likes of Deutsche bank and Unicredit in pushing ahead with redundancy programmes, having initially put plans on ice in the early days of the outbreak. HSBC said the closures are part of plans to become a market-leading digital bank and an overhaul of how remaining branches will operate. Is HSBC still a buy? HSBC is considering another round of deep job cuts that could result in as many as 10,000 more staff being made redundant across its global business with up to 1,000 UK staff under threat, i … 'We could not pause the job losses indefinitely - it was always a question of 'not if, but when,' says bank's chief executive Noel Quinn, Find your bookmarks in your Independent Premium section, under my profile. Quinn said the bank had decided to defer the redundancies “because of the extraordinary impact of the COVID-19 pandemic”. HSBC restarts plan to axe 35,000 jobs after coronavirus put redundancies on hold 'We could not pause the job losses indefinitely - it was always a question of 'not if, but when,' says bank's … Menu. The job losses would come on top of 4,700 redundancies – mostly senior jobs – announced in early August, when HSBC similarly warned about a challenging global environment … We are asking why we have so many people in Europe when we’ve got double-digit returns in parts of Asia,” the FT’s source said. He said the redundancies would affect staff across business lines and reduce the bank’s wage bill by 4%. France’s Société Générale is laying off 1,600 people. About 41,000 of those workers are based in the UK. With up to 35,000 redundancies on the cards, HSBC wants to fast-track a complete makeover. HSBC has been inundated with applications for 600 voluntary redundancies that it announced as part of its first round of job cuts in ten years. Fewer planned redundancies in November as furlough extension kicked in Personnel Today 10:18 23-Dec-20 Furlough extensions keeps redundancy rise to lowest since March City AM 07:57 23-Dec-20 At … Ewen Stevenson, the bank’s finance director, said on Monday that HSBC was looking to cut 2% of its workforce, mostly from senior roles. The cuts could disproportionately hit HSBC’s European operations, where returns have lagged behind its Asian division. The workers’ union Unite said the report caught staff by surprise, and is now demanding answers from HSBC management. In a statement issued today announcing its plans HSBC … It was the only region to record a loss, totalling £520m, in the first half of the year. bbc.com. A number of banks have paused redundancy programmes amid the crisis, but the HSBC decision will raise fears these will now begin to be resumed across the board. Also Premier and Advance banking and more… The company will have 511 branches across the country following the closure programme. Already, 90% of transactions are handled electronically. The government was notified about some 480,000 redundancies in England, Scotland and Wales between March and August 2020, data obtained by the BBC shows, with the majority of redundancy notifications taking place in […] Employers planned to make almost half a million redundancies in the first five months of the Covid-19 pandemic, new figures have revealed. The cuts would mostly affect high-paid roles and shrink the global workforce by 4%, the Financial Times reported (£). Due to the sheer scale of this comment community, we are not able to give each post the same level of attention, but we have preserved this area in the interests of open debate. "There are too many middle managers who are of a poor standard at HSBC," says one junior banker. Deutsche Bank shocked markets when it announced 18,000 job cuts, a fifth of its global workforce, and posted its biggest quarterly loss in four years in July. Market closed % change +2.10% ... but aims to avoid redundancies. HSBC is … Read more. ... Today the bank warned that it will have to book high credit losses as a result of the virus. VOUCHER CODES. However, the shares have formed an island reversal pattern at the 400p level. Today at 9:41 AM. ... this included HSBC … HSBC warns of widespread redundancies UK banking giant HSBC today said 1,200 UK jobs were under threat following a review of the business. HSBC has about 238,000 employees, according to its website. Dominic Hook, Unite national officer, said: “The question that must be asked today is 'Why now HSBC?'. “The reality is that the measures and the change we announced in February are even more necessary today.”. You can find our Community Guidelines in full here. The companies making redundancies in the UK in 2020 so far- including Cineworld, easyJet and Virgin Money ... we have today informed staff of the need to restructure our head offices.” ... HSBC Full list of 82 HSBC branches to close as Covid accelerates shift … HSBC has said it is delaying the "vast majority" of its planned redundancies to deal with the fallout from the coronavirus pandemic, a memo sent to staff seen by Reuters said. The bank has named the branches that will close between April and September, but aims to avoid redundancies. by Sarah Butcher 26 March 2020 ... Today the bank warned that it will have to book high credit losses as a result of the virus. VOUCHER CODES. The existing Open Comments threads will continue to exist for those who do not subscribe to Independent Premium. The cost-cutting drive mirrors measures taken by other lenders that are battling global headwinds. In an internal memo to staff, chief executive Noel Quinn said the cuts first announced in February are “even more necessary today” as the group faces “challenging times ahead”. Virgin Money and Lloyds Banking Group are also among those that have temporarily frozen planned job cuts in the wake of coronavirus. Regarding the latest planned wave of cuts, the FT quoted an unnamed source as saying: “We’ve known for years that we need to do something about our cost base, the largest component of which is people – now we are finally grasping the nettle.”. HSBC is proposing more redundancies. HSBC profits disappoint as bank warns trade war holding business back. HSBC share price has rallied by more than 40% from its YTD low of 281p. Photograph: Stefan Wermuth/Reuters Unions are planning to ballot for strike at HBSC after the UK's biggest … But Unite questioned the timing of the decision and vowed to oppose compulsory redundancies. Staff across HSBC’s global … “There’s some very hard modelling going on. Are you sure you want to delete this comment? Of the 82 sites closing, 81 are within a mile of a Post Office, two thirds are within five miles of another HSBC branch and … I’ve heard no good stories about them. LONDON | HONG KONG: HSBC has cut a number of top management roles in its investment bank, memos seen by Reuters showed, a sign that Chief Executive Noel Quinn is pressing on with plans to shake up the group despite having put a wider job cut programme on hold. Quinn said the bank had decided to defer the redundancies “because of the extraordinary impact of the COVID-19 pandemic”. 1. HSBC declined to comment. Please continue to respect all commenters and create constructive debates. HSBC said its strategy had not changed and insisted Flint left by “mutual” agreement. It said it did not expect to lose any employees who are paid hourly. He said the redundancies would affect staff across … The most insightful comments on all subjects will be published daily in dedicated articles. HSBC said on Tuesday that it would move to close 82 of its high street bank branches this year, saying that more customers are turning to online services instead.The bank said it aims to redeploy the vast majority of staff to nearby branches and does not expect any redundancies … Create a commenting name to join the debate, There are no Independent Premium comments yet - be the first to add your thoughts, There are no comments yet - be the first to add your thoughts. In an announcement today (Thursday), Vestas said most redundancies would be in Denmark, but some would be in the UK. Read our full mailing list consent terms here. Barclays said it had already cut 3,000 jobs globally in the first half of the year. 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