HomeAx falls on HSBC Jobs – The Royal Gazette

Ax falls on HSBC Jobs – The Royal Gazette

Created Date: Oct 02, 2021 07:47 AM

Job losses: HSBC’s Hamilton headquarters (file photo)

Bermuda’s largest bank made staff redundant – but refused to specify how many.

The bank has been tight-lipped about the details, but has suggested that 21 jobs, perhaps more, be cut.

An HSBC spokeswoman would not confirm the total number of jobs lost or which divisions would be affected.

The bank also declined to discuss when the layoffs would take effect or whether any of the roles would be transferred abroad.

But Garyon Richardson, the shadow labor secretary, said: “For about 15 years, the Bank of Bermuda has been the largest employer on the island.

“Now, it’s the Bermuda government.

“It doesn’t take a rocket scientist to see that something is wrong, and that trend affects Bermudians every day.”

An HSBC spokeswoman said: “At HSBC Bank Bermuda Limited, we are constantly reviewing the roles required to make the bank fit for the future and provide the best service to our customers.

In line with local hiring practices, we will work closely with affected employees who may seek further opportunities within the Bank.

The statement was similar to the one issued in August last year after news leaked that 20 HSBC employees would be fired.

A spokeswoman then said: “Where applicable and in line with local hiring practices, we always work closely with affected employees, in the event of layoffs, who may seek further opportunities across business and other functions.”

The number of jobs in the banking sector has declined since the turn of the century.

The People’s Campaign, a lobbying group, criticized the banks in the 2014 rally as it appealed to the government to take action and give more power to the Bermuda Monetary Authority.

The group also called for more protection for Bermudians from being laid off in cases of layoffs.

Jason Hayward, then president of the Bermuda Public Services Union, said: “Since 2008, commercial banks have collectively reduced employment levels by an estimated 500 jobs, with Bermudians absorbing the majority of job losses.

“We have noticed during this downturn, that banks have continued their systematic repeat policies, particularly NT Butterfield Bank and HSBC Bermuda.”

Automation has wiped out many traditional jobs in this sector, but banks have also had to hire employees to reflect the transition to a digital business model.

HSBC on a global basis has faced the double whammy of falling profits, billions of dollars in surcharges to pay for loan losses and the Covid-19 pandemic.

But first-half results, announced in August, reflected an improvement in the profit streak.

Last year, the bank was accelerating its plans to cut 35,000 jobs from its 235,000 strong workforce around the world.

HSBC is also facing uncertainty due to deteriorating relations between the United States and China.

The bank has traditionally relied on business in China and Hong Kong.

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