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.
Mostly Europe (the UK, France and Poland), the US, the Middle East and Latin America.
Sector
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
5,000 - 25,000 jobs Number of planned job losses
Announcement Date
1 August 2011
Employment effect (start)
3 January 2011
Foreseen end date
31 December 2012
Description
British banking company HSBC has already cut 5,000 jobs worldwide this year and another 25,000 job cuts are planned to occur by 2013. The most affected countries are the UK (700 job cuts), France (700 job cuts), the Middle East and parts of Latin America. HSBC also announced the closure of its retail bank in Poland last week. The group is still hiring in emerging economies such as Brazil and Mexico.
Sources
29 July 2011: The Times
1 August 2011: The Financial Times
Citation
Eurofound (2011), HSBC, Internal restructuring in World, factsheet number 72255, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72255.
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