IT staff at HSBC to lose jobs as bank axes another 25,000 employees worldwide


IT staff at HSBC to lose jobs as bank axes another 25,000 employees worldwide

Kathleen Hall

IT staff at HSBC are to be made redundant as the bank plans to axe 25,000 of its global workforce by the end of 2013.

The move follows a previous announcement from the bank to remove 5,000 jobs in July, including 150 UK IT positions. Around 30,000 at the bank are now earmarked for redundancy.

A spokesman from HSBC said IT and back-office functions were likely to go as part of the move but was unable to say how many will be affected. No information was given as to which geographical regions will be hit hardest.

HSBC stressed it would continue its ongoing recruitment process as part of the bank's expansion plans, having recently hired 1,300 people in the Asia-Pacific region. But the spokesman could not give an estimate as to how many fewer roles HSBC will have overall by the end of 2013.

The job cuts announcement was made after the bank posted profits of £7bn for the six months to June, an increase of 3% compared to the same period last year.

Several banks have recently announced major cost-cutting drives. At the end of June Lloyds Banking Group earmarked 15,000 jobs to be axed, including IT positions. In the same month Swiss bank UBS also confirmed 500 global IT jobs will go.

Email Alerts

Register now to receive IT-related news, guides and more, delivered to your inbox.
By submitting your personal information, you agree to receive emails regarding relevant products and special offers from TechTarget and its partners. You also agree that your personal information may be transferred and processed in the United States, and that you have read and agree to the Terms of Use and the Privacy Policy.

COMMENTS powered by Disqus  //  Commenting policy