EMCC European Monitoring Centre on Change



Geographic Location

Country: World
Location of affected unit(s): Mostly Europe (the UK, France and Poland), the US, the Middle East and Latin America.


Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 296000

Employment Effects

Announcement Date: 01-08-2011
Planned Job Reductions min: 5000
Planned Job Reductions max: 25000
Type of Restructuring: Internal restructuring
Employment Effect Start: 03-01-2011
Foreseen End Date: 31-12-2012

Additional Information

British banking company HSBC has already cut 5,000 jobs worldwide this year and another 25,000 job cuts are planned to occur by 2013. The most affected countries are the UK (700 job cuts), France (700 job cuts), the Middle East and parts of Latin America. HSBC also announced the closure of its retail bank in Poland last week. The group is still hiring in emerging economies such as Brazil and Mexico.