Banking firm HSBC has announced it plans to cut over 3,000 jobs in the coming months.
The plans, which are in an effort to reduce company costs, could see up to 3,166 jobs lost throughout the UK.
HSBC, which employs almost 50,000 people in the UK, have been deploying cost cutting efforts during the past few years and the staff cuts are one of the ways the company plans to save money. Last year during the same bid HSBC cut 2,200 jobs and this year more look set to follow.
It’s not yet known where the job cuts will be made although it’s thought the wealth management division of the company will be affected.
Although the company apparently plans to make job cuts this year it’s said some staff members will be positioned in different areas of the business and therefore the job cuts won’t be as drastic as first reported. Although HSBC plans to cut over 3,000 positions it’s thought over 2,000 new roles in different departments will be created and that many of HSBC’s existing staff will be re-positioned. The estimated number of roles being axed is therefore more likely to be closer to 1,000.
Some changes to the business, including in the wealth management division, are set to come into action by June this year.
Apparently since 2011 12% of HSBC’s staff have been lost globally. Cost cutting efforts continue to be made as part of the company’s three year revival plan.