Employee union Unite says to oppose compulsory job losses at HSBC

Employee union Unite said it will oppose any compulsory job losses within HSBC (HSBA.L) and “work vigorously to ensure staff are heard and their jobs protected”, after the bank dusted off plans to axe as many as 35,000 roles worldwide.

“Since the start of the COVID-19 crisis colleagues across HSBC have worked tirelessly as key workers to ensure that consumers continue to access financial services to meet their banking needs,” Dominic Hook, Unite national officer said.

“Now is the time for HSBC to stand by its workforce and recognise these mighty efforts and see that the bank’s strength lies within its workforce.”

HSBC, Europe’s biggest bank, told staff earlier on Wednesday it would resume restructuring plans it had shelved when the coronavirus pandemic struck earlier this year.