HSBC Announces UK Bank Restructure

November 11 2009

HSBC today announced details of a restructure in parts of the UK Retail Bank which will result in the loss of 1700 jobs over the next year.

Key aspects of the changes include a more streamlined structure in branch network management and the consolidation of various operational functions to create centres of excellence enabling the bank to drive best practice and standardise processes and systems.  This will also create several hundred new roles in the coming year.  HSBC currently employs about 40,000 people in the UK Retail Bank.

In particular, HSBC are creating a centre of excellence for the company in Birmingham, looking after their card collections business.

HSBC UK Chief Executive Paul Thurston said: “Decisions that affect our people are always difficult, but this restructure is an essential part of the streamlining of our business and the migration of activities into centres of excellence around the country.

“We will do everything we can to support those of our people who are directly affected and to minimise the number of redundancies. We have a good track record of redeployment and we will make every effort to maintain it.”

The job losses are broadly distributed across the UK but HSBC branch staff are mostly unaffected.

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