HSBC Cuts IT Staff

HSBC Cuts IT Staff

HSBC, dubbed as the largest banking group and largest company in the world, is trimming down around 1,200 employees including those providing IT services. The retrenchment will run through its London, Leamington Spa, Leeds and Newport offices. HSBC's move follows another job cuts last December, firing 500 workers.
 

According to the company's managing director Paul Thurston, banks across th United Kingdom are suffering from "extremely challenging" operating conditions. Thurston added, "There are difficult decisions that have to be made as we adapt to a new environment and ensure we are well positioned for the future."

 

HSBC is reported to have lost 62 percent of its pre-tax profit amounting to £6.4bn. The previous week, the bank's stakeholders chartered a £12.5bn rights issue, aiming to aid in developing its capital ratios and ensure future growth.