LONDON – HSBC is cutting 1,149 jobs in Britain in another round of redundancies to save money and slim down Europe's biggest bank.
The cuts are part of a 3-year revival plan by Chief Executive Stuart Gulliver to cut costs, lift returns and focus on profitable areas.
HSBC said on Tuesday 3,166 UK jobs would be affected by the latest plans, but the bank expects to redeploy just over 2,000 of the staff. It adds to 2,200 UK job cuts made a year ago.
The bank employs just over 47,000 staff in Britain, or about 40,000 excluding its investment bank and head office.
The cuts will mostly come from wealth management, where the bank said it is shifting advisors into its consumer retail banking business from June. Some 942 relationship management roles will go, including commercial banking financial advisor positions.
Gulliver has cut 34,500 global jobs since taking over in early 2011, or 12 percent of staff, which has slashed annual costs by $3.6 billion. He is expected to say next month he is targeting another $1 billion of annual savings, which could result in another 5,000 redundancies this year, analysts estimated.
(Reporting by Steve Slater. Editing by Jane Merriman)