Bradford and Bingley and HSBC have become the latest banks to cut its workforce as they aim to reduce costs. HSBC are to cut 1,100 jobs globally, of which 500 will come from Britain, whilst Bradford and Bingley are to shut its Borehamwood mortgage processing centre causing 370 job losses. Although the redundancies will cost B&B £14 million, the bank has commented that they hope to save £15 million a year through the closure, whilst it will also write off £133 million to remove its ‘toxic debt’ portfolio. Having already made 110 job cuts this year, B&B have now slashed 13 per cent of their work force, although 70 jobs are set to be created in its division that collects bad debt, suggesting it is to lend significantly less.
HSBC, meanwhile, cited the poor economic outlook for the coming year and the difficult market conditions as the major reasons for the job cull, with the global banking and markets division bearing the brunt of the redundancies. Further job cuts are expected in the industry following the takeover of HBOS by Lloyds TSB, whilst thousands of Lehman Brothers staff face uncertain futures.
Banks Making Significant Job Cuts
Banks Making Significant Job Cuts
Fri, 26 Sep 2008
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