Main Menu

Bank angers unions

HSBC axes branches and jobs to cut costs

HSBC is closing 117 branches this year and axeing 380 jobs to reduce costs, marking the end of its restructuring programme in Britain.

It has angered trade unions by announcing that 200 jobs in IT will be transferred to lower-salaried locations such as India, China and Poland.

Dominic Hook, a national officer at the Unite union, said: “Today is a dark day for hundreds of HSBC staff.

“Unite is deeply concerned that this large branch closure programme will be devastating not only for staff but also for the loyal HSBC customers.”

The bank said the number of customers using branches for transactions has fallen by about 40% over the last five years.

HSBC will have 625 branches across Britain at the end of this year, against 965 at the end of 2016.

Leave a Reply

Your email address will not be published. Required fields are marked as *

This site uses Akismet to reduce spam. Learn how your comment data is processed.