HSBC in big job cuts in UK
There's going to be hundreds of jobs lost in the UK, as HSBC have announced that they're going to transfer 840 IT jobs from the UK, overseas. The hardest hit will be Sheffield, with nearly 600 posts being axed.
Specifically, 595 jobs are going in Sheffield and Tankersley, and a further 30 in Leeds.
This is all part of HSBC's plans to cull 8,000 jobs in the UK, which was announced last summer.
HSBC said: "Separately, we're also announcing that four small "satellite" branches in Sheffield will close - Woodseats, 427 Ecclesall Road, and Hillsborough in August 2016 and Fargate in November 2016."
"A total of 14 people work in these four branches, all of whom will be redeployed."
John Hackett of HSBC UK said: "We are in advanced discussions with Sheffield City Council about investing in a new office building, and will continue to employ more than 2,700 people in Sheffield after these redundancies."
Jobs will also be lost at the bank's IT centres in Birmingham.
The union, Unite, are not impressed. Dominic Hook, National Officer for Finance, said that this decision is "as ruthless as it is reckless".
He added: "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'."
"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."
Globally, HSBC are potentially axing 25,000 jobs, which is nearly 10% of their entire staff around the world.