HSBC bank to cut 1,700 jobs in Britain
The leading banking group HSBC revealed n Tuesday that the banking giant is planning to slash as many as 1,700 jobs across its retail banking division in Britain.
HSBC said it currently employs about 40,000 people in its British retail banking division.
A spokesman for HSBC announced on Tuesday that the banking giant is planning to axe “just over 1,700 jobs”. These job cuts are expected to happen over a period of 12 months; however this is also expected to create fresh roles over this period.
“Decisions that affect our people are always difficult but this restructure is an essential part of the streamlining of our business and the migration of activities into centres of excellence around the country,” HSBC UK Chief Executive Paul Thurston said.
In a clear sign of changing its focus, from West to the East, HSBC announced earlier in September that it was moving its chief executive to Hong Kong from London.
HSBC, founded in Hong Kong and Shanghai in 1865, will remain headquartered in London and regulated by Britain but CEO Michael Geoghegan will relocate in February.
