LONDON, UK - Banking giant HSBC has announced plans to axe 3500 jobs and transfer a further 550 jobs overseas in an attempt to reduce costs.
The move follows its decision last year to offshore 4,000 customer service positions to countries such as China, India, Malaysia and the Philippines.
The majority of the losses will come in the head office area of the company, as well as support and administrative roles. 800 administrative jobs in the bank's branches will also go.
HSBC stated that the job losses are necessary in order to cut through bureaucracy, reduce costs and 'refocus the retail bank on changing customer needs'.
After the announcement leading bankers' union UNIFI threatened to strike.
UNIFI official Rob O'Neill added: 'UNIFI is furious with this latest round of job cuts. This amounts to almost 15 per cent of the workforce. This is terrible news for staff and customers.' |
