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Hsbc Plans To Cut 8,000 Jobs In The Uk In Savings Drive

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http://www.bbc.co.uk/news/business-33058957

HSBC, Europe's biggest bank, is planning to cut 8,000 jobs in the UK as it tries to reduce costs and simplify its business.

The bank has 48,000 UK workers and will make cuts in both its retail and investment banking operations.

A total of 25,000 jobs could be axed globally, meaning close to 10% of HSBC's 266,000 workers will go.

The bank will also 'ringfence' its UK operations and sell businesses in Turkey and Brazil, it said on Tuesday.

'Treated fairly'

Dominic Hook, national officer with the union Unite, called on HSBC to achieve any job cuts through voluntary means and natural attrition. He said the bank had not had a voluntary redundancy scheme in the past.

It seems the banking system is as healthy as ever. I wonder if HSBC has lost a certain client base that was very profitable for it?

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If I was working for HSBC in the retail banking sector (and want to keep my job)- I would ask for a transfer to a larger branch in the city or a branch or if you prefer smaller branches, one in a wealthy area - one of those "Premier" ones like in Lilliput.

They are closing the smaller ones in the poorer areas.

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Well, that would be my strategic move.

Edited by 200p

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Are mortgages HSBC's main earner in the UK? If they are, this makes sense - less people taking mortgages, more and more paying them off. I suspect it's not that simple, but it's interesting that so many banks are essentially going broke.

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I couldn't believe the coverage on Radio 4, this morning.

The assumption was that the banks were being 'unjustly punished'.

No mention of drug/terrorist money laundering, rate rigging, mis-selling, tax fraud and huge bonuses disproportionate to performance or risk.

I hope all these criminal cartels bugger off. Good riddance!

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Are mortgages HSBC's main earner in the UK? If they are, this makes sense - less people taking mortgages, more and more paying them off. I suspect it's not that simple, but it's interesting that so many banks are essentially going broke.

It really is that simple. Thanks to unlimited QE, assets are stratospherically expensive, yields zero or negative, sales weak or declining. These days you've got to leverage a billion just to make a nickel. By saving lenders from the discipline of price discovery the central banks have inadvertently destroyed the means by which they make money.

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Shedding 8000 jobs or one sixth of the workforce can also be expressed as a percentage 16.66%. In other words 84% of the jobs are safe. Hardly cutting and running when companies who run 'six-sigma' fire the 'bottom performing 10%' every year.

Ford GM et-al regularly try and blackmail governments by making a song and dance over jobs they are cutting in the hope of squeezing more concessions out of competing governments. Its what globalisation is all about.

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Are mortgages HSBC's main earner in the UK? If they are, this makes sense - less people taking mortgages, more and more paying them off. I suspect it's not that simple, but it's interesting that so many banks are essentially going broke.

The banks are already broke. Bailouts just provided them temporary insurance. They are still insolvent.

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I couldn't believe the coverage on Radio 4, this morning.

The assumption was that the banks were being 'unjustly punished'.

No mention of drug/terrorist money laundering, rate rigging, mis-selling, tax fraud and huge bonuses disproportionate to performance or risk.

I hope all these criminal cartels bugger off. Good riddance!

Osborne will cave. After all one day he'll want to hide his bank bonus in an offshore Panama a/c too.

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I couldn't believe the coverage on Radio 4, this morning.

The assumption was that the banks were being 'unjustly punished'.

No mention of drug/terrorist money laundering, rate rigging, mis-selling, tax fraud and huge bonuses disproportionate to performance or risk.

I hope all these criminal cartels bugger off. Good riddance!

Yeah, I couldn't believe what I was hearing!

One commentator said hsbc was like an unruly teenager. You don't keep punishing the unruly teenager you love them!?!!!?!

What an absolutely ridiculous thing to say.

Hsbc is not a person.

If I committed fraud, could I say to the judge oh I was being a kid - just love me please

Edited by callaght

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HSBC have been inconsistent about their HQ. They said they "might" move out of London if the UK left the EU. Now they are saying they will decide whether to move out of London by the end of this year, ie long before we know if the UK is going to leave the EU.

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I wonder if Osborne knew this was on the cards this week as he came out with the strange "we'll be nicer to banks" statement just a few days ago. Clearly wasn't enough to make HSBC reconsider.

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The pates that are spinning are starting to wobble, who is going to call recession in next 18 months?

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HSBC have been inconsistent about their HQ. They said they "might" move out of London if the UK left the EU. Now they are saying they will decide whether to move out of London by the end of this year, ie long before we know if the UK is going to leave the EU.

Lets hope they have gone before the next banking crisis hits.

Frankly any bank with the majority of its business in Asia look vulnerable if that debt mountain in China ever implodes.

If I were Osborne I would not want to put any obstacles in their way

Edited by stormymonday_2011

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I had an account with them, I was never in debt with them. Due to transfer issues my account went into over draft by 7 quid for a couple of hours. I was charged nearly 40 quid for this. I immediately closed the account, ****** them. I also didnt like how the branch was filling with robots.

Plus all the multitude of other evils they are involved in.

Banks are so stupid and greedy to get 40 quid out of me they have missed hundreds of thousands running through there accounts.

The branches are filling with robots now so I knew this was also coming. Best of luck to the 8000 though I know most are just low wagers servicing people who arent part of the beast.

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Best of luck to the 8000 though

I do not share that sentiment.

I have found that most of the people who were lucky enough to retain their 'proper' jobs since 2010 have looked upon the vast numbers of unfortunate people (youngsters, men over 50, part time women, fake self-employed and, god forbid, the few remaining out-of work benefits recipients not yet sanctioned) with utter distain. They, largely, fell for the 'hard-working', 'doing the right thing' and 'economic recovery' bowlox spouted by Cameron et al.

Edited by Bill D'arblay

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I do not share that sentiment.

I have found that most of the people who were lucky enough to retain their 'proper' jobs since 2010 have looked upon the vast numbers of unfortunate people (youngsters, men over 50, part time women, fake self-employed and, god forbid, the few remaining out-of work benefits recipients not yet sanctioned) with utter distain. They, largely, fell for the 'hard-working', 'doing the right thing' and 'economic recovery' bowlox spouted by Cameron et al.

Ha ha very good. Lots of pups been sold.

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I had an account with them, I was never in debt with them. Due to transfer issues my account went into over draft by 7 quid for a couple of hours. I was charged nearly 40 quid for this. I immediately closed the account, ****** them. I also didnt like how the branch was filling with robots.

Plus all the multitude of other evils they are involved in.

Banks are so stupid and greedy to get 40 quid out of me they have missed hundreds of thousands running through there accounts.

The branches are filling with robots now so I knew this was also coming. Best of luck to the 8000 though I know most are just low wagers servicing people who arent part of the beast.

Tbh there is no money in somebody that keeps a small credit balance in a current account. Probably costs the banks about £200 a pop as a loss leader. For those of us that use our banks as a public service, totally free of interest and back charges, I think we should keep shtum. We are shafting them.

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I do not share that sentiment.

I have found that most of the people who were lucky enough to retain their 'proper' jobs since 2010 have looked upon the vast numbers of unfortunate people (youngsters, men over 50, part time women, fake self-employed and, god forbid, the few remaining out-of work benefits recipients not yet sanctioned) with utter distain. They, largely, fell for the 'hard-working', 'doing the right thing' and 'economic recovery' bowlox spouted by Cameron et al.

LOL ****** them then I was just trying to show some degree of humanity :)

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