Advertisement
Promo

Compliance Toolkit

IT staff hit by HSBC, Credit Suisse layoffs

Nick Heath silicon.com

Published: 03 Dec 2008 07:30 GMT

  • Email
  • Trackback
  • Clip Link
  • Print friendly
  • Post Comment

IT workers will be among 1,150 staff to lose their jobs at financial giants HSBC and Credit Suisse.

Most of HSBC's cuts will take place at the bank's London headquarters in Canary Wharf, but regional centres, such as Birmingham and Leeds, are also expected to see losses.

The jobs will be shed within two to three months, with the cuts coming on the back of HSBC's decision to pull out of the corporate healthcare brokerage business.

A spokesman for HSBC said: "There will be IT jobs affected. It is part of a broad review of the entire UK business unit, looking at three key areas of head-office personnel, financial services and commercial banking."

"The key objective is to reduce duplication and create efficiencies," the spokesman said.

The spokesman added that it is not possible to confirm exactly where the job cuts will fall until a consultation with staff has taken place.

Credit Suisse is also to cut 650 jobs in the UK, including IT staff, as a result of "market conditions".

In a statement, the Swiss investment bank said the cuts would help it reach "projected staffing levels required to meet client needs".

Credit: IT staff hit by 1,150 job cuts at HSBC, Credit Suisse from silicon.com

  • Email
  • Trackback
  • Clip Link
  • Print friendlyPrint with EPSON

Did you find this article useful?
8 out of 8 people found this useful


Full Talkback thread

0 comments

Company/Topic Alerts

Create a new alert from the list below:








Video icon

Video

Cloud Watch Special Report

Five cloud computing myths exploded

Five cloud computing myths exploded

Analysis The cloud is providing a fertile habitat for the marketeers and their exaggerated claims. We examine the hokum and debunk the five most frequently peddled misconceptions about the cloud

More Special Reports

Sentry Posts Blog

DNA details of innocent will be kept f...

The government has announced that it plans to keep innocent people's DNA details for up to six years. In response to a consultation it launched last December, the government said... More

4 comments

Motorola Droid Drops Today: Happy Droi...

Motorola Droid Drops Today: Happy Droid Day America! Author: Eric Everson, Mobile Security Expert If you’re wondering what all of the buzz is about with words like Droid and Android... More

Post a comment

Mobile Security Profile: BlackBerry St...

Mobile Security Profile: BlackBerry Storm2 Author: Eric Everson BlackBerry handsets are a staple of office culture; from syncing calendars to sharing business-related data,... More

Post a comment


Skip Sub Navigation Links to CNET Brand Links

Help

Become part of the ZDNet community.

Newsletters