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IT jobs safe as HSBC announces redundancies

HSBC has announced it is cutting 1,700 jobs in its retail banking operation but no IT workers will face redundancy.

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HSBC has announced it is cutting 1,700 jobs in its retail banking operation but no IT workers will face redundancy.

The bank is streamlining its branch network and standardising its processes and systems. "This will also create several hundred new roles in the coming year," said the bank.

HSBC's retail banking arm employs 40,000 people in the UK.

A spokesman at the bank said the IT cuts have already been completed.

Ralph Silva, analyst at Towergroup, told Computer Weekly earlier this year that there would be fewer IT job cuts in banking.

"Most banks are already have the minimum amount of IT people they need to operate. Further cuts will come from cutting out entire departments."

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