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HSBC axes up to 8,000 UK jobs

HSBC has confirmed that it is axing between 7,000 and 8,000 UK jobs - one in six of its staff in Britain.

Up to 25,000 roles are expected to be shed globally, as part of a major cost-cutting and restructuring strategy.

The group also said it will "trim" branches in Britain and rebrand its UK retail banking business, as it prepares to moves its UK head office from London to Birmingham.

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HSBC's strategy to cut costs and reshape the business

As HSBC is poised to cut thousands of jobs, chief executive Stuart Gulliver said that "world has changed" and the bank needs to change with it, as he outlined the bank's strategic plan to cut costs.

HSBC CEO Stuart Gulliver will present the bank's strategy to investors today Credit: PA

We recognise that the world has changed and we need to change with it. That is why we are outlining the following... strategic actions that will further transform our organisation.

The world is increasingly connected, with Asia expected to show high growth and become the centre of global trade over the next decade.

I am confident that our actions will allow us to capture expected future growth opportunities and deliver further value to shareholders.

– HSBC Chief Executive Stuart Gulliver

Key points from HSBC's cost-cutting strategy:

  • Cut costs by $4.5 billion (£3 billion) to $5 billion (£3.3 billion) a year by 2017
  • Sell operations in Turkey and Brazil, but retain a corporate presence in Brazil
  • Reduce the bank's risk-weighted assets (RWAs) by at least 25%
  • Set up a UK ring-fenced bank
  • Increase investment in Asia
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HSBC axes up to 8,000 UK jobs

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