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HSBC to cut 8,000 jobs in UK

Banking giant HSBC is to cut 8,000 jobs in the UK as part of an overhaul to slash costs and reshape the business.

The bank said it was planning a reduction of around 10% of its full-time workforce and is also expected to announce branch closures. 

HSBC has around 48,000 employees in the UK and has dozens of branches across Kent.

HSBC has announced job cuts
HSBC has announced job cuts

HSBC also confirmed it would finish its review of where to base its headquarters by the end of the year, after announcing recently that it was considering a move away from the UK due to regulatory and structural reforms.

It said it was undertaking a "significant" reshaping of the business.

Chief executive Stuart Gulliver said: "We recognise that the world has changed and we need to change with it."

Dominic Hook, of the union Unite, said: "We are seeking to meet with UK chief executive Antonio Simoes as soon as possible to demand that any redundancies are through voluntary means or managed through natural attrition.

"After all the scandals of recent years, frontline staff have suffered time and time again as they are forced to pay for the mistakes of others with their jobs, their terms and conditions and their reputation."

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