HSBC to cut 8,000 UK jobs

by   CIJ UK
2015-06-10   11:46
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In a move to cut costs and streamline business practices, HSBC is planning to cut 8,000 jobs in its UK retail and investment banking operations. The bank currently employs 48,000 in the UK. It is also planning to rebrand its high street branches in the UK. HSBC chief Stuart Gulliver said he wants to create a distinction between the bank’s retail and investment banking operations.

"We recognise that the world has changed and we need to change with it. That is why we are outlining the following... strategic actions that will further transform our organization," Gulliver said in a statement. The new strategy could see the bank slashing a total of 25,000 jobs -- about 10 percent of its workforce -- globally.

"Global banking now is a far tougher business than it was pre-the financial crisis. It is hard to get profits," said BBC business editor Kamal Ahmed, adding that Gulliver was "running a bank that investors believe simply doesn't make enough money."