HSBC job cuts: Unions slam move as punishing staff for "boardroom misconduct"

Catherine Neilan
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HSBC: The bank announced it was cutting a tenth of its workforce (Source: Getty)
Could Canary Wharf become a stage for the next major picket line?
HSBC staff cuts have been blasted by unions, claiming the bank's employees are being “punished for boardroom misconduct”.
This morning Europe's biggest bank revealed it was cutting up to 25,000 jobs worldwide, as it looks to make $5bn (£3.25bn) savings. Around 8,000 of those job cuts are expected to be made in the UK. The jobs are expected to go in the next couple of years.
Unite, which represents “thousands of finance workers” in the UK, slammed the move.
Unite's national officer for finance Dominic Hook said he was seeking a meeting with UK chief executive Antonio Simoes as soon as possible “to demand that any redundancies are through voluntary means or managed through natural attrition”.
He added: “This latest wave of job losses is a stab in the back to a dedicated workforce who have put HSBC back on the road to recovery since 2008.
“After all the scandals of recent years, front line staff have suffered time and time again as they are forced to pay for the mistakes of others with their jobs, their terms and conditions and their reputation.”
Hook said the union would consult with its members over its next move. “We will fight for them and we will support them,” he added.

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