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- 600 job losses in Sheffield
- Move part of a restructure, which will eliminate 8,000 British jobs
- Jobs will be shifted to countries including India, China and Poland
HSBC is to cut 840 IT jobs in the UK – including 600 from Sheffield – as it shifts roles to sites around the world. While the majority of the job losses are in Sheffield, some IT staff in Tankersley, South Yorkshire, and London will also be affected. The move is part of a 'global relocation exercise' which will see hundreds of roles transferred to countries including India, China and Poland. The move will be complete by the end of March 2017, and is part of a major restructuring plan, which will eliminate 8,000 British jobs in total. John Hackett, chief operating officer of HSBC UK, said: 'In our investor update in June 2015, and many times since, we have stated that we are targeting significant cost reductions by the end of 2017. 'As part of a global relocation exercise, around 840 non-customer-facing IT roles will transfer from the UK to other sites around the world by the end of March 2017.
'The UK will continue to play an important role in HSBC's global IT infrastructure, employing several thousand IT professionals.' The bank's three-year restructuring plan was unveiled last year, and is intended to improve earnings hurt by a series of fines, the cost of compliance and low interest rates. The restructuring will eventually eliminate one job in five around the world, and around a sixth of jobs in Britain. When the restructuring plan was announced, chief executive officer Stuart Gulliver said most of the job losses in Britain would come from employees leaving on their own accord. However the union Unite warned that today's announcement by HSBC would see customers suffer. 'HSBC's decision to axe so many IT jobs is as ruthless as it is reckless,' said Dominic Hook, national officer at Unite. 'As IT glitches across the banks continue to prove, it is ultimately the customers who will suffer the consequences.' 'Problems with HSBC's computer system cut customers off from access to online accounts on two occasions this year......Read more here
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June 2015:
HSBC plans to cut 8,000 jobs in the UK - Link