Fury over 1,150 bank job losses

Fury over 1,150 bank job losses



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Britain’s biggest trade union, Unite, has expressed outrage as Credit Suisse and HSBC announced that they would be axing hundreds of jobs yesterday. 

Swiss bank, Credit Suisse, said that they would be cutting 650 jobs, equivalent to 10% of their UK workforce. A spokesman blamed “market conditions and projected staffing levels required to meet client needs.”

 

HSBC stated that they were shedding 500 staff members, mostly those who carry out legal and finance functions at the bank’s Canary Wharf headquarters. The remaining job cuts would be made from their business banking operations in other parts of the UK. They put the decision down to the tough economic climate, saying they were also making efforts to minimise duplication.

 

However, trade union Unite has accused the banks of using the economic downturn as an excuse to shed jobs in order to cut costs. They were particularly angry that the announcement has come so close to Christmas, when many UK workers are feeling vulnerable.

 

Unite’s joint general secretary, Derek Simpson, said: “The decision by HSBC to make 500 job cuts is a disgrace. Unite is appalled that this news has been delivered so close to Christmas. The union has seen no business rationale for these job losses. The bank has again reported an increase in half-yearly profit and continues to do well.”

 

The union has promised to oppose compulsory redundancies.

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