The HSBC has announced it is cutting 1100 jobs worldwide, with 500 going in the UK alone, many based at the companies investment banking division premises in Canary Wharf.
BBC NEWS | Business | Bank giant HSBC axes 1,100 jobs
I really don't know what to make of this. They say this is because of a 35% fall in profits, but at the end of the day, this is still profit. And several billion pounds worth of profits at that. It can be argued that this is prudent housekeeping, avoiding complications in the future in a market situation which is at best volatile, and at worst, in meltdown. However it can equally be argued that it is just a case of no matter how much money some companies, make it is never enough. Obviously this is all linked in with the global economic situation, however I feel that the HSBC would be more justified in cutting these jobs if they had made a loss in this period, rather than simply earning 35% less more than they previously did.
BBC NEWS | Business | Bank giant HSBC axes 1,100 jobs
I really don't know what to make of this. They say this is because of a 35% fall in profits, but at the end of the day, this is still profit. And several billion pounds worth of profits at that. It can be argued that this is prudent housekeeping, avoiding complications in the future in a market situation which is at best volatile, and at worst, in meltdown. However it can equally be argued that it is just a case of no matter how much money some companies, make it is never enough. Obviously this is all linked in with the global economic situation, however I feel that the HSBC would be more justified in cutting these jobs if they had made a loss in this period, rather than simply earning 35% less more than they previously did.