Jun 17, 2020
HSBC to press on with 35,000 job cuts
Some cuts are likely to come from merging support roles in the commercial bank and investment bank. At its peak, the bank employed more than 300,000 people, but since the global financial crisis around 2008, HSBC has sold businesses and left some countries, including Brazil in 2016. Various chief executives have aimed to make HSBC a simpler business, especially after the bank agreed to pay $1.9bn to regulators in 2012 over poor money laundering controls. "At present vast numbers of HSBC staff are making massive sacrifices working from home or taking risks travelling into offices and bank branches to help customers." "Unite will continue to oppose any compulsory job losses within HSBC and work vigorously to ensure staff are heard and their jobs protected," he said.
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