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


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HOLA441

I opened my first account at Midland account back in the day because I went into town looking to open a NatWest account but found the Midland branch first. (No ID required, you were assumed to be telling the truth back then.) Since then they, mainly HSBC, have provided me with free banking services for decades and I've never paid a penny to them. If they ever f*** up I complain bitterly to the 'Indian' mention the banking ombudsman and get called back by an English person in the UK.

Their current fixation is writing me letters claiming I have applied for online statements, which I haven't, and demanding to know my email address. I bin these letters at the rate of one a month.

However, provided they disgorge the Midland I'm happy for them to p*** off. Much smaller banks are a better, safer option. I seem to recall that moving their HQ to the UK was a condition of buying the Midland so they are not taking it with them.

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Credit Suisse boss delivers blow to costly London

Credit Suisse is looking at moving nearly 2,000 jobs out of London because of its high costs, the bank's new boss said on Wednesday, raising questions about the city's status as Europe's dominant financial centre. We have 6,600 jobs (in London), 2,400 front office, 4,200 back office. the Swiss-based bank could save 230 million Swiss francs (156 million pounds) a year if some back-office positions were moved to lower cost centres such as in Poland and India.

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It is quite brutal. Not even talking about moving to other cheaper UK location. I think his background is providing max shareholder value!

sure, but UK isn't Credit Suisse's home market, so they don't even try to sweeten the pill.

2 interesting things:

-The amount of staff they actually have in the UK, surely much of this work is duplicated in other locations

-London (and not other expensive locations like NY, Singapore, Hong Kong) seem to be bearing the brunt. Credit Suisse seem to know where their future lies

Edited by reddog
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HOLA447

Seems to be working. 6 billion profit for Q3.

Ah well for those of us invested in UK Equity at least it cancels out Royal Dutch Shell's 6 billion loss as they wrote off their barmy indulgent Artic Exploration. I hope whichever bright spark signed up for that one and drilled just one exploratory well was duly reprimanded. Talk about an expensive error of judgement.

http://www.ibtimes.com/hsbc-q3-results-beat-expectations-pre-tax-profit-32-year-2164432

Edited by crashmonitor
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We have 6,600 jobs (in London), 2,400 front office, 4,200 back office. the Swiss-based bank could save 230 million Swiss francs (156 million pounds) a year if some back-office positions were moved to lower cost centres such as in Monaco, Poland and India.

Actually if they moved most anywhere else in the world

Edited by billybong
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