HSBC says to cut 3,167 jobs in Britain

Apr 26, 2012 |

London

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Britain
HSBC

HSBC on Thursday said it would cut 3,167 jobs as part of previously announced plans to reduce the bank's global workforce by 30,000 over two years to 2013.

The London-headquartered bank added that due to the creation of 950 positions, the net loss for British jobs would total 2,217.

"HSBC is today announcing a restructure of its business in the UK which means that 2,217 people will be leaving the UK Bank during the coming months," Europe's biggest bank said in a statement.

"The reduction of 3,167 roles in the UK follows the group's announcement last year that by the end of 2013, there would be around 30,000 fewer roles within the bank worldwide."

HSBC is looking to save up to $3.5 billion (2.65 billion euros) by next year under its vast cost-cutting programme.

The bank added on Thursday that the majority of posts being lost in Britain were in areas of senior or middle management, while none of its 1,250 British branches would shut as a result of the move.

Founded in Hong Kong and Shanghai in 1865, HSBC recently reported soaring annual net profits as growth in Asia and other emerging markets offset eurozone debt losses and costs linked to the bank's exit from the United States.

Profit after tax jumped 28 percent to $16.8 billion in 2011 compared with the previous year.

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