HSBC is preparing to cut at least 500 jobs in its investment banking division as part of a savings push.
According to City A.M., a significant number of people could lose their jobs within global banking and markets, although formal numbers have yet to be announced.
It is expected that the cuts will begin to take place mid-June and continue throughout 2019, with the banking and markets division currently employing around 48,500 people.
The announcement comes amid sweeping job reductions across all divisions of the bank, and is supposedly part of a wide plan dubbed Project Oak. The project has been designed specifically to allow various branches within HSBC to transfer the immediate costs of making people redundant to the HSBC parent company, rather than bearing the burden themselves.
Latest News
-
Bank of England holds interest rates at 4.75%
-
IHT receipts increase by 11% year-on-year
-
Lendco renews £400m BTL warehouse line
-
Housing market beats expectations in 2024, Halifax finds
-
Homeowners ‘pessimistic’ over economy’s future, study finds
-
Annual price growth jumps to 3.4%, Land Registry data shows
The UK housing market in 2024
The performance of the UK housing market in 2024 has largely exceeded many people's expectations, although challenges remain for first-time buyers due to house prices increasing and a testing rental market for many. Regional disparities, such as the North-South divide, also continue to influence housing accessibility and affordability for many buyers in pockets of the country.
Intergenerational lending
MoneyAge News Editor, Michael Griffiths, hosts Family Building Society BDMs, Amar Mashru and Arif Kara, to discuss intergenerational lending and explore ways that buyers can use family income to help increase their borrowing capacity when applying for a mortgage
Helping landlords make their cash work harder
MoneyAge Editor, Adam Cadle, talks to Family Building Society BDMs, Arif Kara and Nathan Waller, about the resilient BTL market, the wide variety of landlords that Family Building Society caters for, and how niche products like an Offset mortgage can help improve cashflow.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories