HSBC redundancies – HSBC plans to cut jobs

Global banking giant HSBC is planning to cut 8,000 jobs across the UK in an attempt to reduce costs.

The BBC has reported that a total of 25,000 jobs could be axed globally, meaning close to 10% of HSBC’s 266,000 workers will be dismissed on the grounds of redundancy. For further information, please click here.

As HSBC has proposed to dismiss as redundant more than 20 employees within a period of 90 days, HSBC is under a duty to collectively consult with ‘appropriate representatives’ (trade union representatives or elected employee representatives) of the workers.

At the end of the consultation period, those selected for dismissal will probably be offered settlement agreements (previously known as compromise agreements). A settlement agreement is a legally binding agreement, that is used to settle employment law disputes on the termination of employment.

If you have received a settlement agreement from HSBC or any other investment bank, please get in touch with our highly acclaimed employment solicitors for an informal discussion on 0207 965 8699 or email info@rllaw.co.uk. We regularly advise senior executives and employees from the financial services sector on the terms and effect of their settlement agreements and if necessary, we negotiate bespoke terms of exit for our clients in order to protect their position on the termination of employment.

We are ranked as a Leading Firm in the Legal 500 independent guide to the legal profession and our solicitors are committed to achieving the best possible results for our clients.