‘Reckless and short sighted’

HSBC will axe 840 jobs in IT departments in a ‘reckless’ drive to offshore jobs to India, China and Poland said Unite, today (May 16).

The announcement of 840 job cuts is the first wave of IT job losses, which are part of the 8,000 planned UK-wide cuts announced in June 2015.

Since then thousands of HSBC staff have been cruelly kept in the dark about their futures.
“HSBC’s decision to axe so many IT jobs is as ruthless as it is reckless,” said Unite national officer for finance, Dominic Hook.

The bank expects the majority of impacted staff to leave its’ employment by the end of the year. Many will be expected to pass on their knowledge to their successors based in ‘low cost’ countries in a ‘cynical race to the bottom.’

“For almost a year staff have been left in the dark about their futures only to be told that before being shown the door they’re expected to train someone in India or China who will do their job for less money. It’s a deeply cynical move by a bank which wants to be an ‘Employer of Choice’,” Hook added.

A disproportionate number of the cuts will fall on Sheffield, where 595 jobs are expected to go. Other impacted sites include IT operations in Birmingham, Leeds and London.

“Offshoring IT jobs to so-called ‘low cost economies’ is extremely short sighted. As IT glitches across the banks continue to prove, it is ultimately the customers who will suffer the consequences.

“Unite will continue to support our members throughout this process and work with our sister international trade unions to end this cynical race to the bottom,” said Hook.