HSBC is to cut up to 25,000 jobs around the world - Breaking News

HSBC is to cut up to 25,000 jobs around the world – including as many as 8,000 in the UK – as its chief executive, Stuart Gulliver, embarks on a fresh strategy to reduce costs and bolster returns to shareholders.

Gulliver has already cut the workforce to 257,000 from 296,000 since he took the helm in 2011. The number of employees is now on course to hit 208,000 as he signalled another wave of reductions to turn the bank’s focus towards Asian markets and adopt digital technology.

Hundreds of branches will be closed in seven major markets including the UK, where the bank employs 48,000 in total.

Unions in Britain reacted angrily. “After all the scandals of recent years, frontline staff have suffered time and time again as they are forced to pay with the mistakes of others with their jobs, their terms and conditions and their reputation,” said Dominic Hook, Unite’s national officer for finance.

In a detailed presentation to shareholders Gulliver also set out the criteria the bank will use to decide whether to keep its headquarters in the UK, where it has been based since 1992 when it moved from Hong Kong to facilitate the takeover of Midland bank. A decision will be made by the end of the year.

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