United Kingdom
Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64 - Financial service activities, except insurance and pension funding
New offshoring locations
Not Available

500 jobs
Number of planned job losses
Job loss
Announcement Date
16 March 2005
Employment effect (start)
Foreseen end date


Global bank HSBC says it expects to 'offshore' more clerical jobs from Western countries to Asia in order to cut costs, a top executive says. The world's second-largest bank already has 13,000 workers in call centres around Asia. But chief operating officer Alan Jebson said he would be very surprised if less than 25,000 people were working in them by 2008. David Fleming, Amicus's national officer for the finance sector, said: ‘Two thousand HSBC jobs have already been offshored from the UK this year and a further 1,000 are going abroad next year. The statement that there has been no impact on customer service is wrong. Problems are being experienced and we are working with the company to try to resolve them.’ HSBC, one of the world's biggest banks, is creating 500 jobs a month in its service centres in 10 locations in Asia and saves $20,000 for every job moved.


  • 17 March 2005: The Guardian
  • 16 March 2005: BBC News


Eurofound (2005), HSBC, Offshoring/Delocalisation in United Kingdom, factsheet number 61278, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61278.