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| News » Employment Law » HSBC 'to shed 1,200 UK jobs' |
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25/03/2009
HSBC 'to shed 1,200 UK jobs' |
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HSBC has revealed it is 1,200 jobs from its UK workforce as it seeks to lower its costs.
The reductions would amount to nearly two per cent of the bank's 58,000-strong UK workforce and would follow the loss of over 1,000 posts last autumn.
News of the move comes in the wake of HSBC's recent rights issue announcement aimed at raising new revenues.
It is not yet known who might be affected by the cuts, but the redundancies would add to a growing number of job losses throughout the UK economy as the recession continues.
Those facing the possibility of losing a job by redundancy may wish to take legal advice over their employment rights.
Others who may wish to establish their rights could include those advised to take a pay cut in order to avoid redundancy.
Such an offer has been made to workers at the Honda car plant in Swindon.
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