Latest news: HSBC to cut 30,000 jobs

The worldwide bank recently announced plans to slash 30,000 roles across its global organisation over the next three years. 09/08/2011

With 5,000 roles already disappearing since new chief executive Stuart Gulliver took over, he went on to reveal that a further 25,000 positions would need to go from the global workforce of 296,000.

As the bank sets about saving $3.5billion over the next three years to strengthen a return on equity, HSBC also suggested that some cuts would come through natural staff turnover and that they would still be hiring in their faster growing markets. In June 700 jobs were cut and the bank said that no further comment would be made regarding the cuts until the Independent Commission on Banking (ICB) had published its recommendations on 12 September.

‘It is now necessary for the bank to confirm to its UK workforce how this news will impact on them. The employees being hit by these extensive cuts were in no way responsible for the banking crisis, yet it is these staff, many of whom are low paid, who are having to pay for the bank's recovery,’ said the Unite National Officer (UNI) David Fleming.