EMCC European Monitoring Centre on Change



Geographic Location

Country: World


Sector: Financial services
Financial and insurance activities
64.9 - Other financial service activities, except insurance and pension funding
Number Employed: 335000

Employment Effects

Announcement Date: 26-09-2008
Planned Job Reductions min: 1100
Planned Job Reductions max: 1100
Type of Restructuring: Bankruptcy/Closure

Additional Information

Banking company HSBC has announced that it plans to cut 1,100 jobs from its worldwide workforce of 335,000. It has attributed the job cuts to the current financial turmoil including the market conditions and economic environment, adding that the company's outlook for 2009 was cautious. Around half of the job cuts will take place in the UK, many at the investment banking division headquarters in Canary Wharf, London.