The UK bank HSBC has today announced that it will be cutting 1,700 jobs in the UK, while adding that it would be creating ’several hundred’ new jobs next year.
The staff cuts will be made in the bank’s retail division and will mainly effect employees in the service sector. HSBC is adamant that it will be losing people and not high street branches.
The majority of the job losses will be through the credit card and collections offices which will contract form nine regional offices to just two based in Birmingham.
HSBC say that any decisions that effect staff are always difficult, “but this restructure is an essential part of streamlining our business.” The bank currently employs 40,000 staff in its UK retail operations and says that branch staff will be ‘mostly unaffected’ by the cuts.
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