HSBC today announced plans to cut 3,166 jobs in the UK as part of its three-year strategy to reduce costs.
Most of the jobs will go from its wealth management division, but it hopes to find new positions for over 2,000 of the redundant staff.
“I understand change is always unsettling, particularly for those directly affected,” said Brian Robertson, CEO of HSBC Bank.
“However, I also firmly believe what we are proposing is essential in order for us to fulfil our customers' expectations.”
Britain’s largest trade union Unite has spoken out against the job cuts and says it may ballot its members for industrial action over the company’s behaviour.
“HSBC is making staff suffer in the search for ever greater profits,” said Unite national officer Dominic Hook.
“The bank's behaviour is a disgrace. After making proposals to slash pensions, holidays and sick pay the bank is now slashing even more jobs…These cuts are about putting profits before people and will do nothing to improve service or the image of the banking industry.”