HSBC Announces 1200 Job Cuts in UK; More to Follow
The economic recession that has gripped the globe is making its mark almost everywhere these days. The news that one hears almost every day now about layoffs in one large group or the other has almost become routine now.
HSBC is Europe’s biggest bank, employing 58,000 people in Britain alone; and 312,000 people across the world. Just today, HSBC has announced 1200 job cuts in Britain, citing that the operating conditions for the economy hit banking industry are “extremely challenging” and the near future doesn’t promise any reprieve either.
According to union representatives, the effect of this announcement would result in 2900 job losses in all. Though a spokesman from HSBC has said that 1200 people are being told that that their jobs might be at risk. This number of course does not include the already vacant position or those being left vacant due to natural attrition or employees leaving at the end of contractual periods.
You might also like
|
|
|
|
|
Citigroup Layoffs Can Leave upto 58,000 Jobless
In an unfortunate turn of events, Citigroup revealed it’s plan to cut around 58,000 jobs to help the company adjust better to current economic crisis. These layoffs are planned in addition to 23,000 jobs already eliminated since January 2008. Overall CitiGroup laid off about 300,000 Jobs world wide since the January 2008.
Cost Cut is major concern as credit market squeezes. Citigroup is expected to save money by layoffs, sale of units and attrition as well as cutting day to day running expenditure. Vikram Pamdit, the CEO of Citigroup is notorious for taking such dramatic measures in difficult times. It will no doubt help Citigroup survive the troubled times by increasing profitability and likely to help the stock price as well. Citigroup’s stock fell into the single digits for the first time since bank was created in 1998 from the merger of Travelers Group Inc and Citicorp.
Shares of Citigroup are currently trading at $9.26 (I never saw it go below $50 since 2001)
You might also like
|
|
|
|
|
