HSBC

Type
Internal restructuring
Country
United Kingdom
Region
Location of affected unit(s)
London (Canary Wharf), Sheffield, Southampton
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64.1 - Monetary intermediation
64.1 - Monetary intermediation
1,400 jobs
Number of planned job losses
Job loss
Announcement Date
8 July 2003
Employment effect (start)
Foreseen end date

Description

HSBC explained the restructuring plan as an measure in order to ensure the company to remains competitive in the face of weaker economic conditions. The company is hoping to achieve the bulk of cuts through a recruitment freeze, natural staff turnover and voluntary early retirement.

Sources

  • 8 July 2003: The Guardian

Citation

Eurofound (2003), HSBC, Internal restructuring in United Kingdom, factsheet number 59765, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/59765.