| LONDON, April 23
LONDON, April 23 HSBC is cutting 1,149
jobs in Britain in another round of redundancies to save money
and slim down Europe's biggest bank.
The cuts are part of a 3-year revival plan by Chief Executive
Stuart Gulliver to cut costs, lift returns and focus on
HSBC said on Tuesday 3,166 UK jobs would be affected by the
latest plans, but the bank expects to redeploy just over 2,000
of the staff. It adds to 2,200 UK job cuts made a year ago.
The bank employs just over 47,000 staff in Britain, or about
40,000 excluding its investment bank and head office.
The cuts will mostly come from wealth management, where the
bank said it is shifting advisors into its consumer retail
banking business from June. Some 942 relationship management
roles will go, including commercial banking financial advisor
Gulliver has cut 34,500 global jobs since taking over in
early 2011, or 12 percent of staff, which has slashed annual
costs by $3.6 billion. He is expected to say next month he is
targeting another $1 billion of annual savings, which could
result in another 5,000 redundancies this year, analysts