HSBC may cut about 1,000 jobs in the U.K., according to a person familiar with the situation. The jobs will be eliminated in processing and operations, and some administration sites may be closed, said the person, who declined to be identified because the information is confidential. London-based HSBC employs about 58,000 people in the U.K. and 330,000 worldwide.
Whether this is another attempt to pacify investors and sharholders, or a direct result of a slowing world economy is unknown. The picutre may become clearer when HSBC formally speaks to this issue. Resports from the United States show that HSBC may try to keep layoffs out of the news if possible, but this early report may make that impossible.
Any HSBC cuts in the UK will be noticed by unions. An HSBC spokesman declined to comment, saying the bank would never discuss job cuts without first discussing the matter with employees. Reports from the United States indicate the statement may not be true, as HSBC kept many HSBC Finance employees in the dark until they showed up for work, only to find their offices closed.
An Ohio employee said:
“Many of us found out that we were being shut down on March 3 via CNN and the Internet PRIOR to being told by the others that are “across the pond.” Tell employees first, WHATEVER!”
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