We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Debate House Prices
In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Bank giant HSBC axes 1,100 jobs
neverdespairgirl
Posts: 16,501 Forumite
Those working in banks, even if not HBOS / Lloyds, must be worried.
Banking giant HSBC is to axe 1,100 jobs worldwide, blaming the current financial turmoil for the decision.
About half of the cuts, which will affect back room jobs at its global banking and markets operation, will take place in the UK.
HSBC employs about 335,000 people around the world.
Last month, HSBC said half year profits fell 28% to $10.2bn (£5.2bn), as it was forced to write-off $14bn from bad debts in the US and asset write-downs.
Meanwhile, pre-tax profits fell 35% to $2.1bn during the same period.
An HSBC spokesman said the firm had opted to reduce its workforce, "because of market conditions and the economic environment, and our cautious outlook for 2009".
http://news.bbc.co.uk/1/hi/business/7637071.stm
Banking giant HSBC is to axe 1,100 jobs worldwide, blaming the current financial turmoil for the decision.
About half of the cuts, which will affect back room jobs at its global banking and markets operation, will take place in the UK.
HSBC employs about 335,000 people around the world.
Last month, HSBC said half year profits fell 28% to $10.2bn (£5.2bn), as it was forced to write-off $14bn from bad debts in the US and asset write-downs.
Meanwhile, pre-tax profits fell 35% to $2.1bn during the same period.
An HSBC spokesman said the firm had opted to reduce its workforce, "because of market conditions and the economic environment, and our cautious outlook for 2009".
http://news.bbc.co.uk/1/hi/business/7637071.stm
...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
0
Comments
-
neverdespairgirl wrote: »Those working in banks, even if not HBOS / Lloyds, must be worried.
Banking giant HSBC is to axe 1,100 jobs worldwide, blaming the current financial turmoil for the decision.
About half of the cuts, which will affect back room jobs at its global banking and markets operation, will take place in the UK.
HSBC employs about 335,000 people around the world.
Last month, HSBC said half year profits fell 28% to $10.2bn (£5.2bn), as it was forced to write-off $14bn from bad debts in the US and asset write-downs.
Meanwhile, pre-tax profits fell 35% to $2.1bn during the same period.
An HSBC spokesman said the firm had opted to reduce its workforce, "because of market conditions and the economic environment, and our cautious outlook for 2009".
http://news.bbc.co.uk/1/hi/business/7637071.stm
it's the cycle, innit. all the investment banking divisions will be laying off staff 'cause there's not much for them to do at the moment. this sort of thing happens every time there is a recession, it's a risk of working in investment banking.0 -
Has anyone kept a running total of jobs lost in the City?
This must have a really big impact on the London property market......--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
Has anyone kept a running total of jobs lost in the City?
This must have a really big impact on the London property market......
I think a lot of banks are cutting jobs on the quiet.
Usually if they're making a load of people redundant they shout it from the rooftops as investors think to themselves, "Yup, that company's in a mess but they're doing something about it. Future profits should rise so I get more dividend. I'll buy some"
At the moment, if banks lay off staff they worry that other banks will think, "Hang on, they're letting 3 CDO traders and a trainee plongeur go from the canteen. Mega Bank must be in trouble. 'Short Mega Bank'. 'No more money market trading with Mega Bank'." And so on.....
Also, banks have been run with a lot more temps and contractors over the past few years than has been the norm traditionally. You don't have to tell anyone you're letting them go.0 -
it's probably safer to say the Home Counties market - the illusion of City bank workers living in London is not correct.
at a guess I would say that at least 40% of people don't live in London - but the surrounding counties.
Generali any view on this?
depends what you call london. but a lot of the senior people who earn lots probably have a pied a terre round the corner and then a big house somewhere in surrey or hertfordshire. half of the people working in canary wharf seem to live in essex or kent.
most of the relatively junior staff who don't have families and get shafted with megahours probably live within zone 2.0 -
The bank that likes to say "Goodbye, thanks for your efforts, and here's a cardboard box for your belongings. Close the door on the way out".0
-
it's probably safer to say the Home Counties market - the illusion of City bank workers living in London is not correct.
at a guess I would say that at least 40% of people don't live in London - but the surrounding counties.
Generali any view on this?
Anecdotally I reckon that a substantial majority of bank workers live outside Greater London at all levels excepting the very top where the majority will have a place in Central London or maybe zone 2. Most of them have a second place (or maybe 3 or 4) somewhere else.
As an aside, I reckon that 'London' is now far bigger than the M25 or the London Boroughs. My belief is that anywhere within about 75 minutes (time not disatnce matters) from a Central London rail terminus is in effect a part of London as for these places, the economy and culture is almost entirely dependent upon London. This area of influence will shrink if London's economy shrinks (as I believe it will) as fewer people are sucked in to support the financial and creative industries.
Personally, I reckon London is much bigger than the M25 or Greater London.0 -
I wholeheartedly agree.Anecdotally I reckon that a substantial majority of bank workers live outside Greater London at all levels excepting the very top where the majority will have a place in Central London or maybe zone 2. Most of them have a second place (or maybe 3 or 4) somewhere else.
As an aside, I reckon that 'London' is now far bigger than the M25 or the London Boroughs. My belief is that anywhere within about 75 minutes (time not disatnce matters) from a Central London rail terminus is in effect a part of London as for these places, the economy and culture is almost entirely dependent upon London. This area of influence will shrink if London's economy shrinks (as I believe it will) as fewer people are sucked in to support the financial and creative industries.
Personally, I reckon London is much bigger than the M25 or Greater London.
I know people who rail commute daily for upto1hr 50 minutes ish (then tube:eek: i its not a City station) it amazes me...I don't kow how they live. Many more have pads in Town. I think long distance commuting is an undervalued part of loss in quality in life for 'Londoner's' between my parents generation and mine...omething that is less frequently raised in such discussions than the Tube system or plumbing confines, but as relevant IMO.0 -
neverdespairgirl wrote: »Those working in banks, even if not HBOS / Lloyds, must be worried.
Not just banks, any finance related jobs should be worried. Along with the support banks have, call centres, admin. Suppliers of these banks. Contractors to these banks.
Same applying for building sector. If a recession kicks in, high street stores will start cutting jobs as well.0 -
contractors and temps will be the first to go in some companies.
Some of the permanent workers are being told to go (not unexpected which ones, but is probably unexpected to them), while some of the good temps are being given permanent contracts. Firms will always use situations to their advantage.RENTING? Have you checked to see that your landlord has permission from their mortgage lender to rent the property? If not, you could be thrown out with very little notice.
Read the sticky on the House Buying, Renting & Selling board.0 -
going2die_rich wrote: »Not just banks, any finance related jobs should be worried. Along with the support banks have, call centres, admin. Suppliers of these banks. Contractors to these banks.
Same applying for building sector. If a recession kicks in, high street stores will start cutting jobs as well.
The people losing their jobs also stop spending which has a huge impact.
As I've said before, we've had a 10% fall in house prices and pretty much nobody's lost their job yet. Wait until unemployment kicks in.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards