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Tuesday, November 03, 2009
HSBC To Cut 1,700 U.K. Jobs
By Simon Kennedy
MarketWatch Pulse
LONDON -- Banking group HSBC Holdings said Tuesday that it will cut 1,700 jobs over the next year as part of a restructure of its U.K. retail banking business. The bank said most of the cuts will be in a unit that manages its branch network and among staff who handle collections and credit card operations. The bank said branch staff will be mostly unaffected by the changes. HSBC, which currently employs around 40,000 people in its U.K. retail bank, said job losses will be partly offset by the creation of "several hundred" new roles in the coming year as part of the restructure.
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