HSBC pension savings a ‘drop in the ocean’ next to profits

HSBC pension savings a ‘drop in the ocean’ next to profits

24 February 2014

Unite, the union representing staff at HSBC, says the millions being saved by the bank’s plans to slash pensions for 10,000 staff is a drop in the ocean compared to pre-tax profits of £13.6 billion.

HSBC has also cut its global full-time staff equivalent numbers by 41,000 to 254,000 over the past three years.

The bank revealed that 239 of its staff had been paid  £1 million or more in 2013 and its CEO Stuart Gulliver was awarded a total pay package of £8 million for 2013, up from £7.5 million the previous year.

Unite national officer Dominic Hook said: “In the last year thousands of staff have been told their final salary pension scheme will be closing, giving savings for HSBC that are a drop in the ocean compared to these enormous profits.

"HSBC hasn’t announced any jobs cuts today which will come as a relief, but the bank should now commit to end the successive rounds of cuts that plague staff across the banking sector in the UK.

“While HSBC at least pays the living wage, there are still thousands of low paid staff at the bank. They are also making important contributions to the success of the business. The news that hundreds of senior staff at the bank were paid massive salaries topping £1 million and more will be hugely frustrating for staff working in call centres and branches up and down the country, who are working hard, often under great pressure to perform.”


Contact Ciaran Naidoo on 07768 931 315

Twitter: @unitetheunion, Facebook: unitetheunion1

Notes to editors:

  • Unite is Britain and Ireland’s largest trade union with over 1.4 million members working across all sectors of the economy. The general secretary is Len McCluskey.