HSBC UK staff morale low in view of job cuts

epa07543896 (FILE) - The HSBC bank headquarters in London, Britain, 18 January 2017, reissued 03 May 2019. HSBC reported on 03 May 2019 a profit after tax up 31 percent to 4.9 biliion US dollars or 4.39 billion euros for the first quarter of 2019 up from the first quarter of 2018. EPA-EFE/FACUNDO ARRIZABALAGA

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Morale of the staff working at HSBC (in the UK) is low after its boss was ousted and staff prepare for a wave of job cuts, according to an internal survey.

The bank, whose headquarters in a Canary Wharf skyscraper has been nicknamed by some staff as the “Tower of Doom”, has suffered a drop in employee confidence everywhere apart from a few Latin American countries, according to a review completed by 100,000 staff.

The Telegraph reports that “HSBC is preparing to axe another 10,000 jobs as it struggles in a world of ultra-low interest rates. The worst cuts are expected in its European arm – which excludes the UK – where results were particularly bad with only 38pc of staff saying they are confident about the future.”

Confidence across the wider bank fell 8 percentage points to 66pc, Bloomberg reported.

Earlier this month it was announced that the bank was set to unveil a new round of job cuts targeting senior international managers and reduce its presence in some smaller markets as part of a wider strategy overhaul, people with knowledge of the matter told Reuters.

The changes are expected to be part of a strategy update interim Chief Executive Noel Quinn will unveil on Feb. 18 with a view to boosting the profitability of Europe’s biggest bank by assets in a tough operating environment, the people said.

Quinn’s bid to restructure HSBC comes amid slowing economic growth in its major markets, an outbreak of the fast-spreading coronavirus, Britain’s protracted withdrawal from the European Union, and lower interest rates.

Via Telegraph / Reuters 

 

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