HSBC will axe 840 jobs in IT departments in a ‘reckless’ drive to offshore jobs to India, China and Poland said Unite, the trade union for UK bank workers.
Today’s announcement of 840 job cuts is the first wave of IT job losses, part of the 8,000 planned UK-wide cuts first announced in June 2015. Since then thousands of HSBC staff have been cruelly kept in the dark about their futures.
The bank expects the majority of impacted staff to leave the bank by the end of the year. During this time many will be expected to pass on their knowledge to their successors based in 'low cost' countries in a 'cynical race to the bottom.’
A disproportionate number of the cuts will fall on Sheffield, where 595 jobs are expected to go. Other impacted sites include IT operations in Birmingham, Leeds and London.
Dominic Hook, Unite national officer for finance, said:
"HSBC’s decision to axe so many IT jobs is as ruthless as it is reckless. For almost a year staff have been left in the dark about their futures, only to be told that before being shown the door they're expected to train someone in India or China who will do their job for less money. It's a deeply cynical move by a bank which wants to be an 'Employer of Choice'.
“Offshoring IT jobs to so-called ‘low cost economies’ is extremely short sighted. As IT glitches across the banks continue to prove, it is ultimately the customers who will suffer the consequences.
“Unite will continue to support our members throughout this process and work with our sister international trade unions to end this cynical race to the bottom.”
For more information contact: Ben Norman on 07525 590 075. Alternatively contact the Unite press team on 020 3371 2065.
- 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