One more great cut in HSBC: half thousand in the UK will lose their jobs

According to BBC news HSBC has announced a great job cuts worldwide, so in sole UK this banking giant will lay off 500 employees. The only reason for such considerable changes was "a review of the business and current economic conditions". Earlier in September HSBC has announced 1,600 job cut. HSBC said the latest job cuts represented less than 1% of its 58,000 UK workforce. According to company’s manager it was "a duty" of the bank to react to the changing economic environment

Trade Union Unite accused HSBC of "using the economic downturn as an excuse to make job losses". 

"We deeply regret taking this step, but we consider it essential to ensure our business is operating as efficiently as possible and that we are best placed to deal with the economic downturn and maintain our levels of customer service," said HSBC UK managing director Paul Thurston.

Unite joint leader Derek Simpson said the union would oppose any compulsory redundancies: "Unite is appalled that this news has been delivered so close to Christmas…. The union sees no business rationale for these job losses.” 

However, the situation is really serious, earlier this month HSBC has revealed that it losses relating to the US housing market crisis reached $4.3bn (£2.7bn) between July and September. This came on top of the $3.6bn loss in the second quarter.

Source: BBC News