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HSBC reveals workforce redundancies

HSBC reveals workforce redundancies

A number of workers in the finance industry could be facing redundancy after HSBC announced it is to cut 1,700 positions in the UK.

The majority of the reductions are to be made across its credit card and collections business, the bank said, however positions will also be under threat at its branch network back office operations.

HSBC plans on cutting the number of offices that deal with credit cards and collections from nine to two - both of which will be located in Birmingham.

However, it has not released information regarding which sites will be closed.

The announcement came in the same week that Royal Bank of Scotland revealed it is reducing its workforce.

Responding to the news, national officer of Unite Rob MacGregor said the trade union is "appalled" at HSBC's decision.

"Unite views the loss of 1,700 staff as a fundamental mistake," he remarked, adding that the bank needs to "urgently reconsider its strategy".