HSBC First Direct slashes 2,000 jobs

HSBC First Direct slashes 2,000 jobs

23 April 2013

Unite, Britain's biggest union, has expressed fury over HSBC's decision to slash over 2,000 jobs at the bank. The union has not ruled out balloting it members for industrial action over the company's behaviour.

HSBC has announced to staff today (23 April 2013) that it intends to cut over 2,000 jobs across the UK and will create over 1,000 new roles. Displaced workers will be able to reapply for the new roles, however, the majority will either not currently have the right qualifications or will be based in the wrong part of the country to be able to secure an alternative job.

Only three months ago HSBC announced it was planning to close its remaining final salary pension scheme, reduce holiday entitlement and sick pay. Last year the bank also announced 4,000 jobs cuts at the bank.

Unite national officer Dominic Hook said:  "HSBC is making staff suffer in the search for ever greater profits. The bank's behaviour is a disgrace. After making proposals to slash pensions, holidays and sick pay the bank is now slashing even more jobs. Staff are at the end of their tether and we will be asking them in due course if they are prepared to take part in a strike ballot to oppose this unprecedented attack by this very profitable bank.

"The cuts HSBC are making will affect the whole business and will mean fewer personal advisors serving more customers and small and medium size businesses getting less support when they should be getting more. These cuts are about putting profits before people and will do nothing to improve service or the image of the banking industry."


Contact Ciaran Naidoo 07768 931 315

Notes to Editors:

  • Unite is Britain and Ireland’s largest trade union with 1.5 million members working across all sectors of the economy. The general secretary is Len McCluskey.