Jump to content
House Price Crash Forum
The Masked Tulip

Hsbc To Cut 10,000 Jobs On Monday

Recommended Posts

Could see it from a mileaway.

Bolton HSBC is like HK HSBC branches. I.e. one member of staff at a desk, and ATMs to deposit cash, and to draw out cash and a change machine in the corner.

Share this post


Link to post
Share on other sites

Breaking news on Sky.

Breaking news from CTT Returns, things will never be the same again as we move into a new age of unemployment, continuous downturns in the economy, high inflation, more personal debt, and no future for the young of this Nation. The reason because those in power do not understand the real cause of this coming disaster. :rolleyes:

Share this post


Link to post
Share on other sites

Breaking news from CTT Returns, things will never be the same again as we move into a new age of unemployment, continuous downturns in the economy, high inflation, more personal debt, and no future for the young of this Nation. The reason because those in power do not understand the real cause of this coming disaster. :rolleyes:

Its does look grim

What in your opnion is the real cause of this coming disaster Charlie ?

Share this post


Link to post
Share on other sites

Its does look grim

What in your opnion is the real cause of this coming disaster Charlie ?

Simple really for us our membership of the Soviet Socialist Republic known as the European Union the biggest gravy train ever created since the end of WWII. ;)

Share this post


Link to post
Share on other sites

Simple really for us our membership of the Soviet Socialist Republic known as the European Union the biggest gravy train ever created since the end of WWII. ;)

And yet the UK devalued £ by 20% as a sticksave. Not very EU friendly.

Share this post


Link to post
Share on other sites

That's sad. Years back, when there were bailouts, HSBC never needed one IIRC. Hope they know what they are doing, they came a long was since being Midland bank. I hope it's mainly salespeople and TV advertising staff they ditch (although it's mainly other banks who seem to revel in this type of wasteful activity to be fair). These days there's no call for the commission based sales of loan insurance scams - I can see this type of staff being completely pointless in the orders of magnitude of the thousands. I wonder if some of the other banks (the ones that actually went begging for the bailout monies a few years ago for instance) are preparing similar downsizing.

Share this post


Link to post
Share on other sites

That's sad. Years back, when there were bailouts, HSBC never needed one IIRC. Hope they know what they are doing, they came a long was since being Midland bank. I hope it's mainly salespeople and TV advertising staff they ditch (although it's mainly other banks who seem to revel in this type of wasteful activity to be fair). These days there's no call for the commission based sales of loan insurance scams - I can see this type of staff being completely pointless in the orders of magnitude of the thousands. I wonder if some of the other banks (the ones that actually went begging for the bailout monies a few years ago for instance) are preparing similar downsizing.

Lloyds have already laid off loads.

Share this post


Link to post
Share on other sites

Lloyds have already laid off loads.

I remember that yes, Yorkshire was badly hit by a large office block closing about a year or so ago. Think it was in Leeds, 4 or 5 thousand? It is worrying. It's amazing how many people work for banks to be fair. As long as they don't scrimp on security and the actual important stuff :(

Share this post


Link to post
Share on other sites

Breaking news from CTT Returns, things will never be the same again as we move into a new age of unemployment, continuous downturns in the economy, high inflation, more personal debt, and no future for the young of this Nation. The reason because those in power do not understand the real cause of this coming disaster. :rolleyes:

I think it is more prosaic than that and actually the cause has nothing to do with the current crisis. We are post industrial and have used automation since the start of the industrial revolution to reduce cost and increase productivity hence profits. Requiring less and less traditional mass semi skilled labour.

The first ATM opened in Enfield in the late sixties so nothing new. You and I want things cheap so we support it ( up until now)

If anyone doesn't understand the cause of the disaster they just have to watch the one youngster working 8 self service checkouts. We have engineered ourselves out of the system.

The aberration that was 20th UK life that someone with no special skills, not particularly hardworking and risk adverse could have a lifestyle with a paid for house two cars on the drive and foreign holidays is over. This cycle since WWII was initially financed through productivity gains and latterly by our infamous credit bubble. Our US cousins are going through this as well and it was recognised in bodies of work 20 years ago.

There is plenty of work around and opportunity, there are already skill shortages building in certain sectors with our fragile recovery.

It is easier than 20 years ago to bootstrap a business with a credit card and get going.

But ultimately there is less of a requirement for human labour in our post industrial first world. The biblical solution for an imbalance like this was war, pestilence or famine. I think you will find most people know the cause but are you prepared for the solution ?

Edited by Greg Bowman

Share this post


Link to post
Share on other sites

The money to pay for all the ineffectual new knee-jerk regulation has to come from somewhere. MiFID II, Dodd Frank, EMIR, FATCA, Basel 3, CRD4, Solvency 2 etc etc etc.

Well cut some f*cking bonuses then :angry:

Share this post


Link to post
Share on other sites

It's not just HSBC.

http://news.efinancialcareers.co.uk/newsandviews_item/newsItemId-33682

Reuters reports today that Credit Suisse and UBS are also contemplating 'thousands' of redundancies (5,000 at UBS, 1,000 at Credit Suisse).

And already hanging out in the same seagoing vessel are BAML, RBS, HSBC, BarCap, Nomura and Goldman Sachs (although they are - so far - making hundreds, not thousands of cuts).

The reality, say headhunters, is that all banks are making redundancies. Some are just doing so more discreetly than others.

Share this post


Link to post
Share on other sites

Just anecdotal I know. A few mates who worked in the "financial sector" have been out of work a few times recently!

This WILL hit London particularly hard! :huh:

Share this post


Link to post
Share on other sites

Just anecdotal I know. A few mates who worked in the "financial sector" have been out of work a few times recently!

This WILL hit London particularly hard! :huh:

Might be a good thing. London needs to be exposed for the horrific leach on the neck of the UK that it is...

Share this post


Link to post
Share on other sites

Might be a good thing. London needs to be exposed for the horrific leach on the neck of the UK that it is...

Virtually all the job losses will be outside the UK. Really is nothing to see here. Front office jobs come and go all the time as different desks wax and wane. Rarely hits the news. These cuts are about support and admin staff not big bad bankers.

Share this post


Link to post
Share on other sites

Virtually all the job losses will be outside the UK. Really is nothing to see here. Front office jobs come and go all the time as different desks wax and wane. Rarely hits the news. These cuts are about support and admin staff not big bad bankers.

bankers, IT, cleaners....they all have mortgages and rent to pay, and an economy needing spending in.

Share this post


Link to post
Share on other sites

Good job the bankers aren't using tax payer base to bail them out....

The less bankers there are the more strain gets placed on the productive base to bail them out.

Still good to see the jobless recovery go from strength to strength.

Share this post


Link to post
Share on other sites

Virtually all the job losses will be outside the UK. Really is nothing to see here. Front office jobs come and go all the time as different desks wax and wane. Rarely hits the news. These cuts are about support and admin staff not big bad bankers.

This is why the banks need to be broken up. The fact the top bankers make money is nothing to do with talent, its all about the government teat. Time to make them compete.

The issue is all the lower pay jobs go, because on the scale of things they don't look profitable. But in my world banks should only ever be allowed to make about 1% per transaction, and this can be done by creating competition. Split Lloyds, HSBC, Barclays etc in to 30 pieces.

Share this post


Link to post
Share on other sites

I think it is more prosaic than that and actually the cause has nothing to do with the current crisis. We are post industrial and have used automation since the start of the industrial revolution to reduce cost and increase productivity hence profits. Requiring less and less traditional mass semi skilled labour.

The first ATM opened in Enfield in the late sixties so nothing new. You and I want things cheap so we support it ( up until now)

If anyone doesn't understand the cause of the disaster they just have to watch the one youngster working 8 self service checkouts. We have engineered ourselves out of the system.

The aberration that was 20th UK life that someone with no special skills, not particularly hardworking and risk adverse could have a lifestyle with a paid for house two cars on the drive and foreign holidays is over. This cycle since WWII was initially financed through productivity gains and latterly by our infamous credit bubble. Our US cousins are going through this as well and it was recognised in bodies of work 20 years ago.

There is plenty of work around and opportunity, there are already skill shortages building in certain sectors with our fragile recovery.

It is easier than 20 years ago to bootstrap a business with a credit card and get going.

But ultimately there is less of a requirement for human labour in our post industrial first world. The biblical solution for an imbalance like this was war, pestilence or famine. I think you will find most people know the cause but are you prepared for the solution ?

Utter ******** - for the past decades after the war the rich and super rich have been taking more and more of the real wealth away from lower classes.

This has the effect of removing spending dosh from the economies as the rich sit on their ever increasing 'piles' which they use to exploit even more wealth out of the productive who are expected to live on credit borrowing most of their lives.

A ghastly 'unison' of Big Business and Usury banking/Financial system - Biblical monsters in fact.

The giant squid (kraken) is the monster of the abyss coz all it's tentacles of World exploitation and thievery lay on the bottom of Oceanic trenches 'out of sight - out of mind'

- thru which the wealthy thieve's billions are secreted in corrupted countries off-shore banks!

Edited by erranta

Share this post


Link to post
Share on other sites

Could see it from a mileaway.

Bolton HSBC is like HK HSBC branches. I.e. one member of staff at a desk, and ATMs to deposit cash, and to draw out cash and a change machine in the corner.

In Oldham they've shut many smaller branches which means you have to go in to oldham which means parking charges.

So you can then use a machine or the counter.

I've always opted for the counter. The staff teaching you to use the machines clearly can't see what'll happen when we've all been trained to do the jobs bank staff used to do.

Share this post


Link to post
Share on other sites

We've seen this before...its the '70s again.

Except for Manufacturing, read Banking.

Nationalised industries crumbling before our eyes and the government refusing to read the writing on the wall.

Our love affair with financial services started with Mrs T and Reagan.

It was only ever a temporary thing...surprising it lasted this long. The debt we are all in now is testament to our refusal to accept the truth.

The west think that they are owed a living...whilst the rest starve.

We are in for one big wake up call!

We need to get amongst the developing economies and generate real wealth, long term!

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 338 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.