HSBC cuts 700 UK banking jobs
HSBC has announced that it will axe 700 jobs in the UK. The cuts will come from employees who offer in-branch financial advice as this service will no longer be free as regulators end commission payments to advisers.
HSBC will cut around 460 jobs from its financial advice team for retail banking and wealth management and a further 240 jobs in human resources, finance and compliance.
The Financial Service Authority’s Retail Distribution Review, due to come into effect from the end of 2012 will stop commission payments to advisers so lenders will charge for the service.
The job cuts at HSBC follow on from those previously announced by Barclays, who earlier in the year announced 1,000 job losses for staff who advice customers in branches. Lloyds Banking Group announced a further 15,000 job losses yesterday and some commentators have accused HSBC of releasing the news on the same day in order for it to be buried under more important headlines.
Employees amongst HSBC’s 55,000 staff in the UK were informed of the job losses yesterday the bank said.
Joe Garner, head of HSBC in the UK said: “We will work extremely closely with all those colleagues affected by today’s announcement so that we can try to find them alternative roles thereby minimizing the number of people who actually leave the HSBC Group.”
Use the Myfinances.co.uk comparison tables to find the best deal on a new bank account.
Comments
Newsletter sign up