On Thursday, the Unite union claimed HSBC was using “creative accountancy” to conceal the real figure of job cuts in the UK, which they claim adds up to 2,900. Derek Simpson, Unite Joint General Secretary, said: “As if it was not bad enough for staff of HSBC to hear from the media that their jobs are at risk, we now have a situation where the company is failing to come clean with the true extent of these cuts.”
HSBC told Forbes that negotiations to determine the real number of job cuts will take between three to six months. “We cannot deny, but cannot confirm that that will be the number [of job cuts] by the end of the year,” said Tim Pie, a spokesman with the bank.
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