The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.1 - Monetary intermediation
3,500 jobs Number of planned job losses
1,000 jobs Number of planned job creations
Announcement Date
17 June 2004
Employment effect (start)
Foreseen end date
Description
Banking group HSBC is cutting up to 3,500 jobs in Britain on top of 4,000 jobs that were transferred overseas announced in October 2003 and the bank cut of 1,400 posts in July 2003. The vast majority of those affected by the cuts are in the British head office, and in support and processing functions. Some of the jobs that are going - as many as 550 according to Unifi - are being moved abroad to HSBC's service centres in Asia. At the same time, the bank will be taking on up to 1,000 extra people to work in its branch network. The finance and banking services union Unifi condemned what it said was a ‘savage' jobs cull, and warned that industrial action was a possibility. HSBC said it had committed £2million to provide a programme of careers and financial counselling. The bank will seek to redeploy staff into roles across Britain.
Sources
18 June 2004: The Guardian
18 June 2004: The Financial Times
Citation
Eurofound (2004), HSBC, Internal restructuring in United Kingdom, factsheet number 60393, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60393.
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