Banking giant HSBC is planning to cut 8,000 jobs across the UK in a huge worldwide shake-up of its business.
A total of 20,000 workers for the UK-based bank face losing their jobs, with the bank saying a decision on whether to move its headquarters out of Britain will be made by the end of the year.
The job losses will hit both the retail banking arm of HSBC as well as its investment bank, the BBC reported. In total, about 7% of the bank's total work force will lose their jobs.
The job losses are a bid to reassure shareholders that bosses are focusing on cutting costs.
It is understood HSBC chief executive Stuart Gulliver will next week set out a target for the cuts by the end of 2017 at a presentation for investors
UK-based HSBC is Europe’s biggest lender and employed 258,000 people at the end of last year.
Any planned job losses could still see the bank separate its UK arm as big British lenders must create separate ring-fenced entities by 2019 under Bank of England regulations published last year.
HSBC continues to face penalties from US authorities for trying to manipulate foreign exchange markets, while regulators are continuing to probe the Swiss tax evasion scandal.
HSBC declined to comment before next week’s presentation.
A total of 20,000 workers for the UK-based bank face losing their jobs, with the bank saying a decision on whether to move its headquarters out of Britain will be made by the end of the year.
The job losses will hit both the retail banking arm of HSBC as well as its investment bank, the BBC reported. In total, about 7% of the bank's total work force will lose their jobs.
The job losses are a bid to reassure shareholders that bosses are focusing on cutting costs.
It is understood HSBC chief executive Stuart Gulliver will next week set out a target for the cuts by the end of 2017 at a presentation for investors
UK-based HSBC is Europe’s biggest lender and employed 258,000 people at the end of last year.
Any planned job losses could still see the bank separate its UK arm as big British lenders must create separate ring-fenced entities by 2019 under Bank of England regulations published last year.
HSBC continues to face penalties from US authorities for trying to manipulate foreign exchange markets, while regulators are continuing to probe the Swiss tax evasion scandal.
HSBC declined to comment before next week’s presentation.