HSBC to cut 8,000 jobs in the UK to reduce costs

HSBC, Europe’s biggest bank, is planning to cut 8,000 jobs in the UK in savings drive.

According to the BBC, the bank has 48,000 UK workers and will make cuts in both its retail and investment banking operations.

Chief executive Stuart Gulliver said he wanted to ensure that customers made a distinction between HSBC’s investment and retail banking operations. The bank is being forced by new government rules to formally separate the two businesses.

“It’s really sad that all our members, all the hard work they’ve done to try to get the bank back working properly after all the scandals of the last few years, are going to be paying with their jobs,” told BBC Dominic Hook, national officer with the union Unite.