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Jennie Johnson

2,200 jobs to go at HSBC

HSBC has confirmed it is axing more than 2,200 jobs as part of its cost-cutting plans.

The bank revealed that 3,100 posts are being cut, but new roles are being created which means that 2,217 staff will be laid off.

Last year, HSBC announced that it would be slashing around 30,000 jobs by the end of 2013.

Brian Robertson, chief executive of HSBC Bank, said the “difficult decision” has been made to reduce “layers of management and bureaucracy”.

"These changes will enhance our efficiency as detailed in the strategy we announced last May and they will also help ensure our continued profitability in the face of the changing regulatory landscape."

The bank revealed that it is also planning to streamline its IT requirements to allow it to reduce costs while enhancing the service it provides to customers.

It also said that most of the roles that are being axed will be in senior or middle management positions.

Joe Garner, head of the UK Bank, added, "I feel the deepest sympathy for those colleagues who are affected by these changes and would like to stress that we will be doing everything we possibly can to support them over the coming months.

“Our immediate focus is to try to help those colleagues impacted to find alternative roles within the bank.”

He explained that the bank has tried to keep the number of job losses to a minimum and that it has also gone to “great lengths” maintain full support for its customers.

By Kirsty Hewitt

2,200 jobs to go at HSBC
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