By Euro Weekly News Media • 09 June 2015 • 10:51
EUROPE’S biggest bank, HSBC, has announced it is planning to cut 8,000 jobs in the UK in an effort to reduce costs and simplify its business.With all the recent scandals and following one of the toughest years in its history, HSBC is attempting to turn things around by restructuring its operation.With a payroll in excess of 48,000 UK workers, it intends to make cuts in both its retail and investment banking operational sectors, said the BBC.A grand total of around 25,000 jobs could be cut globally, which in percentage terms would be almost 10 per cent of its 266,000-strong workforce.The bank says it also intends to rebrand its UK High Street branches, but is yet to decide on a new name.Options could include reviving or reintroducing brands they already own such as the Midland Bank brand, or UK online bank, First Direct.As at Tuesday June 9, shares in HSBC were down 1p at 618.5p in morning trading in London, and down 0.4 per cent in Hong Kong.
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