Paying for others’ mistakes

The announcement by HSBC that up to 8,000 UK jobs are to be cut from the bank by 2017, is the latest example of the workforce being punished for the misconduct of senior and investment bankers says Unite, which represents thousands of finance workers across the country.

HSBC Chief Executive Stuart Gulliver is using his annual strategy day to announce up to 8,000 job losses across the UK, part of 20,000 global job cuts.

“Unite are seeking to meet with UK Chief Executive Antonio Simoes as soon as possible to demand that any redundancies are through voluntary means or managed through natural attrition,” said Unite national officer for finance Dominic Hook.

“This latest wave of job losses is a stab in the back to a dedicated workforce who have put HSBC back on the road to recovery since 2008.”

“After all the scandals of recent years, front line staff have suffered time and time again as they are forced to pay for the mistakes of others with their jobs, their terms and conditions and their reputation,” Hook added.

Speaking on the Victoria Derbyshire programme this morning, Hook called the sudden announcement by the bank, which has also said it will rebrand its UK branches and may relocate its headquarters to Hong Kong, was a “kick in the teeth” to the workforce.

“So many people have woken up with depressing news because they’ve been through so much change at HSBC already – so many people have already left their jobs and so our members have been working very, very hard since the financial crisis. And to wake up today and find so many people are going to be losing their jobs – it’s just a kick in the teeth,” he said.

Hook explained that since the job cuts will not be fully implemented until 2017, the bank must conduct its restructuring programme fairly.

“They’ve got plenty of time to do this properly, so that those who want to leave can leave, and those who want to stay – and there’s many loyal staff out there – will be able to stay on,” he said.

When asked how the job cuts might affect customers, Hook noted: “You can’t cut this many jobs and not affect customer service. There’s already people working extra hours who’ve picked up the work of other people – and this is just going to make it worse for them.”

He added that what’s often forgotten is that most frontline staff are already on very low pay, with most earning ÂŁ15,000 to ÂŁ16,000 — ÂŁ20,000, “if they’re lucky”.

“After all the scandals and fines that the banks have had to pay, it is galling that it’s the staff who’ve had to pay the price,” Hook argued.  “They’ve already lost their defined benefit pension and now even more – they’re going to be losing their jobs as well.”

Unite is resolved to protect its members even in the face of such massive job cuts.

“Unite will consult with our members in HSBC, we will fight for them and we will support them,” Hook said.