HSBC Private Bank axes 30 jobs in the UK

Pedro Gonçalves
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HSBC Private Bank axes 30 jobs in the UK

About 30 jobs are set to go at HSBC Private Bank as the bank cuts front-office positions, including relationship managers and investment counsellors in the UK.

The redundancies, first reported by Wealth Manager and confirmed by II, were announced to staff in September.

The move is part of HSBC's global cost-cutting restructuring plan which includes axing thousands of jobs across the globe. In June, the UK's largest bank said it would push ahead with its plan to cut 35,000 jobs from a global workforce of 235,000 as part of a major restructuring announced in February.

The job cuts had initially been put on hold during the coronavirus outbreak. HSBC chairman Mark Tucker is overseeing the programme to shrink the bank's operations in Europe and the US.

The job-cutting plans gained new momentum after interim profits plunged and the bank said bad loans linked to the coronavirus could reach £9.8bn.

The bank's chief executive, Noel Quinn, wants to cut costs by £3.5bn, with the aim of increasing profitability as the lender chases opportunities in Asia. Almost half of HSBC's 2019 revenues came from Asia, compared to only 29% in Europe.

Quinn had previously said there would be "meaningful" cuts in the UK. The main focus is expected to be head office operations as well as its global bank and markets business, which are largely London based. HSBC has not said what the impact will be on its UK branch network.

In February it said the closure of 27 branches this year was not related to the restructuring plan but was a reflection of their declining use by customers.

 

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