'HSBC has gone further than other UK banks in outlining how its ringfenced bank will operate. It will be
based in Birmingham and employ 26,000 people. Another 14,000 will be employed in an operations hub to support the business, known as ServCo. The bank has just over 1,000 branches in the UK.
Gulliver said he did not expect any change to the need to create a ringfence but is looking for clarity on the amount of control the holding company would have over the UK business after 2019. “The regulation is fixed. We are moving to execution on this,” he said.
In total, HSBC employs 48,000 people in the UK, including 4,000 in investment banking. The
8,000 job cuts earmarked for the UK are part of 25,000 being lost from its global workforce as Gulliver attempts to cut costs to boost returns to shareholders. Another 25,000 are being lost as he sells off two businesses, in Brazil and Turkey.'
Hang on goes that mean 8,000 jobs are going but the Birmingham bank will have 26,000 workers with 14,000 in other UK branches...
How is this bad news?
http://www.theguardian.com/business/...h-high-streets