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HSBC bank to cut 1,700 jobs in Britain
London (AFP) Nov 3, 2009 Global banking giant HSBC is to cut more than 1,700 jobs across its retail banking division in Britain, a spokesman said on Tuesday. HSBC will axe "just over 1,700" jobs, a spokesman told AFP. The announcement came as the government unveiled a major shake-up of the banking sector and one day after state-controlled Royal Bank of Scotland (RBS) said it would eliminate about 3,700 jobs across its British retail operations. HSBC said in a statement that its job cuts would occur over the next 12 months, while it would create hundreds of new roles over the coming year. "Decisions that affect our people are always difficult but this restructure is an essential part of the streamlining of our business and the migration of activities into centres of excellence around the country," HSBC UK Chief Executive Paul Thurston said. HSBC said it currently employs about 40,000 people in its British retail banking division. Overall, the group is shifting its attention away from the West towards the East. In September, HSBC announced it was moving its chief executive to Hong Kong from London. HSBC, founded in Hong Kong and Shanghai in 1865, will remain headquartered in London and regulated by Britain but CEO Michael Geoghegan will relocate in February to be nearer what the group has described as its "largest and most important region" of operation. HSBC on Monday said it was eyeing acquisition opportunities in emerging markets and plans to open new branches in China. In Britain meanwhile, the government on Tuesday said it would force RBS and another state-controlled bank, Lloyds Banking Group, to sell assets to promote competition but would support them with 30 billion pounds (33 billion euros, 49 billion dollars). Britain's government expects new banks to be born as a result of the break-ups, which are the result of pressure from EU competition authorities. The parts being separated from the parent groups add up to about 10 percent of Britain's troubled retail banking market. In return for more state aid, RBS and Lloyds will have to cut bonuses paid to top staff and increase lending to recession-struck businesses and individuals. Lloyds meanwhile announced that it would launch a record 13.5-billion-pound rights issue, the biggest-ever sale in Britain of new shares to existing shareholders. Tuesday's announcements come one week after the European Commission approved state aid in plans to break up and sell Britain's nationalised bank Northern Rock. Share This Article With Planet Earth
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