HSBC has confirmed it is slashing 1,149 jobs as part of the bank’s three year revival plan under group chief executive Stuart Gulliver.
The cuts come as the bank seeks to slim down its commercial banking financial advisory offering as well as its wealth management division.
However, some advisers have been offered the opportunity to switch to retail banking opportunities from the summer.
This latest round of cuts is part of a wider strategy playing out in the banking world as a result of the Retail Distribution Review – which has changed how organisations can sell investment products.
HSBC employs around 47,000 staff in Britain and around 7,000 of those currently work in the investment bank or the head office.
The restructure means that the commercial advice part of the business will now become part of the bank’s retail advice offering from June.
HSBC has confirmed that around 3,100 staff are affected by the latest cuts and restructuring but the majority will be found new jobs elsewhere in the business.
Brian Robertson, chief executive of HSBC Bank plc, said everything possible was being done to offer those affected opportunities in newly created roles.
In response to the news, Unite national officer for financial services, David asked how the bank could announce 3,167 staff cuts when it was the workforce that delivered the bank a profit of £13.8 billion last year.
He added: “Unite is outraged that bank workers serving HSBC customers daily are having their jobs cut and service will suffer.
“Unite is strongly opposing the closure of the Hemel Hempstead site, the cutting of nearly 600 financial planning advisers and the loss of over 550 team leaders.”