EMCC European Monitoring Centre on Change



Geographic Location

Country: United Kingdom
Region: Inner London; London
Location of affected unit(s): Canary Wharf, Sheffield and Southampton


Sector: Financial services
Financial and insurance activities
64.1 - Monetary intermediation
Group: HSBC

Employment Effects

Announcement Date: 08-07-2003
Planned Job Reductions min: 1400
Planned Job Reductions max: 1400
Type of Restructuring: Internal restructuring

Additional Information

HSBC explained the restructuring plan as an measure in order to ensure the company to remains competitive in the face of weaker economic conditions. The company is hoping to achieve the bulk of cuts through a recruitment freeze, natural staff turnover and voluntary early retirement.