LONDON (AP) -- U.K.-based bank HSBC Holdings PLC said Tuesday it is cutting 1,700 jobs -- the second time this year it has slashed its British work force -- as it streamlines its retail banking operations.
The cuts are due to HSBC's efforts to consolidate its credit card and collections businesses and reduce back office. Other departments, such as investment banking, will be largely unaffected, HSBC said. "Decisions that affect our people are always difficult, but this restructure is an essential part of the streamlining of our business," HSBC UK Chief Executive Paul Thurston said in the statement. It was the second time this year that the bank has announced job cuts in Britain. In March, the British division of HSBC said it was laying off as many as 1,200 staff following a review in support operations. The bank employs more than 50,000 employees in Britain, with 40,000 people in its retail banking operations. Unite, the U.K.'s largest union, said it was appalled by the bank's decision, which it said would bring the total number of job losses this year to 4,600. Unite's national officer, Rob MacGregor, said in a statement that many of those told that they will lose their jobs are low-paid workers. HSBC is the second bank in as many days to trim its work force. Royal Bank of Scotland PLC announced Monday that it will cut 3,700 jobs in its British branch network over the next two years. RBS said that European Union regulators were demanding it sell significant parts of its business -- more than it had expected. http://finance.yahoo.com/news/HSBC-cutting-1700-jobs-in-apf-3425771416.html?x=0&sec=topStories&pos=6&asset=&ccode = --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
