HSBC says to cut 330 jobs in Britain

5th December 2011, Comments 0 comments

HSBC will cut 330 jobs in Britain due to "the very challenging economic environment," the global banking giant said on Monday.

"HSBC is today announcing some proposed changes to various areas of our business that will result in the loss of approximately 330 roles in the UK ... in response to the very challenging economic environment and the bank's need to ensure it is working as efficiently as possible," a statement said.

Britain's largest trade union, Unite, slammed Europe's biggest bank for making a "disgraceful" announcement so close to Christmas.

The news came on the same day that Britain's financial regulator said it had fined HSBC £10.5 million ($16.4-million, 12.2-million-euro) after one of its subsidiaries missold financial retail products to elderly clients.

HSBC meanwhile said the job losses were in addition to a major restructuring programme announced in August, when the bank revealed plans to slash 30,000 jobs worldwide over the next two years to reduce costs.

Founded in Hong Kong and Shanghai in 1865, HSBC sees Asia as its most important region but is headquartered in London.

© 2011 AFP

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