HSBC to shed a further 1,700 jobs

by Gill Montia

Story link: HSBC to shed a further 1,700 jobs

HSBC is to shed a further 1,700 UK jobs as it overhauls its branch network management structure and merges some of its operations.

Total job losses announced by the group so far this year now amount to around 3,400.

According to a Channel 4 News report, 600 jobs will go at the bank’s Southend site and just over 200 in Southampton.

Sheffield will see 110 posts cut; Manchester almost 100 and Leicester 30.

The group’s debt collection and card operations will merge to occupy two sites in Birmingham, down from nine across the UK.

Earlier this week, it emerged that HSBC will be closing a further 17 branches in the early part of next year.

The bank has already announced 16 closures that will be taking place between January and February, in addition to the 37 branches closed so far this year and 31 in 2008.