Two major UK banks, HSBC and Barclays announce significant cuts to their workforce. HSBC do not expect many of these losses to fall in the UK. UK. 2nd August 2011
Barclays bank have announced further job cuts after figures for the first six months of 2011 revealed a 38% drop in profit. Barclays CEO Robert Diamond Jr. indicated that job cuts would be maintained and 'likely increased', after 1400 jobs were axed over the first half of the year (Source: DealBook, New York Times).
The announcement follows the news that HSBC are to cut 30,000 jobs, despite a 3% rise in pre-tax profits for the first six months of this year. HSBC do not expect many of these losses to fall in the UK.