Unite slams HSBC job cuts plan

Unite has demanded a “comprehensive response” from HSBC following reports that it is planning to cut up to 10,000 jobs across its global operations.

According to a report in the Financial Times yesterday, HSBC’s new boss, Noel Quinn, has put forward plans for the jobs cull.

In response to the report, Unite said it was “a highly inappropriate way for staff to learn about any possible changes within the business and Unite will be holding the bank to account.”

The paper cited an anonymous source who said that financial insecurity, trade wars, Brexit uncertainty and riots in Hong Kong had prompted the decision.

The cuts would directly impact 4 per cent of HSBC’s global workforce, with much of the losses occurring within its European operations, which suffered a record £520 loss in the first half of 2019.

No details have been provided on which jobs could be at risk at the bank, which employs 41,000 people in the UK and nearly 250,000 worldwide.

The potential redundancies would be on top of the 4,700 jobs losses announced by HSBC this summer.

Unite national officer Dominic Hook said, “Staff across HSBC have woken up to dreadful widespread media speculation about the future plans of their employer.

“Unite is appalled by press reports of 10,000 job cuts globally and has raised urgent questions with the management of the bank in order to get vital answers on behalf of our members working within HSBC.

“These stories of massive job losses require a comprehensive response by HSBC in order to reassure the workforce.

“This is a highly inappropriate way for staff to learn about any possible changes within the business and Unite will be holding the bank to account.”