HSBC warns of more job cuts in the UK

HSBC has said it will cut jobs in the UK and focus on Asia after profits fell 34 per cent.

By David Walsh
Tuesday, 23rd February 2021, 4:45 pm

The banking giant said pre-tax profits fell to £6.2bn during 2020.

The group did not put a figure on the number of job losses it was targeting but said that back office functions would account for the bulk.

The bank shed 11,000 jobs in 2020 and only last month announced a further 82 branches were to be closed in the UK.

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Pedestrians walking past the logo for HSBC in Hong Kong. (Photo by ISAAC LAWRENCE / AFP) (Photo by ISAAC LAWRENCE/AFP via Getty Images)

Darnall branch will close in May and Bridge Street, in Worksop, in September.

In Sheffield, HSBC has hundreds of staff in the newly-built Grosvenor House in the city council’s Heart of the City II development.

Bosses revealed plans for a greater emphasis on wealth management in Asia, where it makes the bulk of its profits, to mitigate its exposure to record low interest rates in retail and business banking in Europe.

Chief executive Noel Quinn said the company's mandate in 2020 had been to "provide stability in a highly unstable environment for our customers, communities and colleagues".

He added: "I believe we achieved that in spite of the many challenges presented by the COVID-19 pandemic and heightened geopolitical uncertainty.

"Our people delivered an exceptional level of support for our customers in very tough circumstances, while our strong balance sheet and liquidity gave reassurance to those who rely on us.

"We achieved this while delivering a solid financial performance in the context of the pandemic - particularly in Asia - and laying firm foundations for our future growth."

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Thank you. Nancy Fielder, editor.