The British division of HSBC PLC said on March 25 that it may lay off as many as 1,200 staff following a review of operations, although the Unite union claimed that 2,900 staff would be affected. HSBC UK said the 1,200 cuts represent about 2 percent of its 58,000 employees in Britain and are being made in information technology, human resources and other support operations, not in front-line branch staff.
Some employees would be able to take other positions within the company, HSBC said. However, Saba Mozakka, communications officer for the United union, said it had received ``very clear information from HSBC that it is 2,900 employees who face redundancy.
"There are a lot of variables, including natural attrition, new roles that are created as a result of restructuring, roles that people can seek redeployment into, roles that are currently vacant and may not be filled, roles held by contractors whose contract may be expiring, said Tim Pie, head of personal finance media relations for HSBC.
"These are variables and we believe it is far more open and clear to talk about the number of people who are being told they are losing their jobs, which is 1,200." On March 2, HSBC reported that its net profit fell 70 percent in 2008 to $5.7 billion due to greater charges on the value of its assets and operating expenses.
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