Global banking giant HSBC is reported to be embarking on a round of job cuts to its UK staff, as the London-headquartered bank begins relocating more roles to its European head office in Paris.
Europe's largest bank employs some 235,000 people around the world, with approximately 48,000 of these currently based in the UK. The bank is in the throes of a worldwide restructuring in an effort to improve efficiency, boost its technological capabilities and re-focus the group's energies on its Asian origins, where it makes around 40% of its profits.
According to the i newspaper, moves are already underway to implement widespread redunancies across the UK business. Hundreds of jobs have already been lost this year in the bank's investment division. The i has reported that the new round of job losses is expected to number several thousand.
A hiring freeze and the support sessions are the pieces of the jigsaw the bank always puts in place before announcing a major round of job cuts."
A source told the London-based paper: "A hiring freeze and the support sessions are the pieces of the jigsaw the bank always puts in place before announcing a major round of job cuts. It's what's happened in the past, and it appears to be happening again. Within the building it is thought that the job cuts will be across the business."
In 2015 HSBC reduced its global headcount by 10%. Other big banks are also making cuts to their staff, with Deutsche Bank currently in the process of laying off 18,000 employees, and Citi announcing hundreds of cuts this week also.
In 2018 HSBC UK announced it was relocating 1,000 staff to Paris, yet fewer than 100 were relocated while the Brexit deadlock persisted. That operation is said to be back in play, with hundred more jobs set to be moved to the French capital, where HSBC already has offices and a well-established retail banking division.