More HSBC Jobs to be lost

More of the workforce will be cut from HSBC (LON:HSBA) as pressure mounts across the banking industry to cut costs.

1,700 jobs in the back office, affecting mainly collections and credit card operations will be cut, this is around 4% of the total workforce, they are expected to go over the next 12 to 18 months. The main bulk of the cuts will be from regional centres in southern England. It does however intend to add jobs for around 400-500 in Birmingham.

Last year HSBC announced cuts in March of 1,200 staff and 500 in December. HSBC’s large base of retail account holders “should not notice any difference in customer service levels”, they said. It comes a day after Royal Bank of Scotland said it would cut 3,700 jobs in its retail business, and now see’s thousands of job losses in this Industry.

HSBC, which did not receive bail-out funds from the government, raised £12bn from shareholders this year. Click here to read more on this story. Are you one of those who have lost your job in this Industry? Let us know your thoughts.