The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.9 - Other financial service activities, except insurance and pension funding
1,100 jobs Number of planned job losses
Announcement Date
26 September 2008
Employment effect (start)
Foreseen end date
Description
Banking company HSBC has announced that it plans to cut 1,100 jobs from its worldwide workforce of 335,000. It has attributed the job cuts to the current financial turmoil including the market conditions and economic environment, adding that the company's outlook for 2009 was cautious. Around half of the job cuts will take place in the UK, many at the investment banking division headquarters in Canary Wharf, London.
Sources
26 September 2008: BBC Website
Citation
Eurofound (2008), HSBC, Internal restructuring in World, factsheet number 67197, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67197.
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