HSBC to lay off 840 IT workers as it shifts jobs to sites abroad

[AAD News Feed]

HSBC to lay off 840 IT workers as it shifts jobs to sites abroad

This is a duplicate of the Blog Entry made on: 17th May 2016 18:06

.............HSBC to lay off 840 IT workers as it shifts jobs from Sheffield, Tankersley and London to sites abroad

• 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

aad blog pages:

June 2015:
HSBC plans to cut 8,000 jobs in the UK - Link

[The Tech Clerk]

Re: HSBC to lay off 840 IT workers as it shifts jobs to sites abroad

here they go again:-

in the 80s in one far east country they paid £2.05 pence (equivalent to) per day if you were lucky, and expected workers to work from 7a.m. to 6p.m.+, when the staff had enough and went on strike HSBC sacked them all who were on strike for better conditions = note:- this not include 2/3 hours person travel home to wash their one uniform and get it ready for the morning!!! that is HSBCs attitude = cheap labour and dictatorial company, service does not enter into their business practice as has been seen in this country and elsewhere, treat staff bad = same as their customers.

They are also shutting Branches in the Far East whereby you would need to travel to another town etc to bank with them, they also charge for withdrawing from ATM and for holding a Bank Account with them.

[julian]

Re: HSBC to lay off 840 IT workers as it shifts jobs to sites abroad

It has ben happening since labour became a resource,personnel changed to HR and Keynsian economics died. All IT companies have sold the silver. They (bean counters and shareholders) assume the hordes of foreign workers know about the eccentricities of the UK systems, services and culture. The work that provides a training for new recruits to the industry is farmed out to sheds of foreign graduates who gain the experience. No work for UK grads who work in McDs. Then companies say "no experienced people available give me leave to recruit abroad". So along come the people from the outsourced workplaces ....... No jobs, no training, no UK industry, but thousands of priority visas.

Off shore development and support is cheaper, but you buy cheap and pay twice. Consider the lack of security and potential for corruption, hacking etc when the workers have no social history common to users/consumers. Then think who own the companies now. The only loyalty is to profit.