LONDON - HSBC HOLDINGS, Europe's largest bank by market value, said Monday it is cutting 500 jobs, or just under 1 per cent of its work force, in Britain after a review of the business and current economic conditions.
HSBC UK managing director Paul Thurston said that the company had looked hard at its business in the past two months, 'focussing on removing duplication, managing costs and devoting resources to areas that offer the most potential for growth.'
'We deeply regret taking this step, but we consider it essential to ensure our business is operating as efficiently as possible and that we are best placed to deal with the economic downturn and maintain our levels of customer service,' Mr Thurston said.
HSBC, which currently employs around 58,000 people in Britain, said that the jobs would not be cut from retail staff dealing directly with customers in branches or call centres.
The Unite union said it would oppose any layoffs.
'The union has seen no business rationale for these job losses,' said Unite spokesman Derek Simpson.
'As far as we can see, HSBC is simply using the economic downturn as an excuse to make job losses.'
HSBC announced in September that it planned to cut 1,100 jobs worldwide. It later announced 500 jobs cuts in Asia, including 450 in Hong Kong. -- AP
