HSBC to shed 595 IT jobs and close branches in Sheffield

[foxy lady 10]

don't you just love it when some get it wrong

 

Who says I got it wrong. The jobs are moving to other countries and not disappearing. Did you miss that?

[andyofborg 11]

Who says I got it wrong. The jobs are moving to other countries and not disappearing. Did you miss that?

 

pretty much everybody says you got it wrong, hundreds of thousands of jobs have gone overseas.

[foxy lady 10]

Its nothing to do with that.

 

IT is a cost to any business and as it makes no money directly for most businesses, its always going to be subject to cost cutting.

 

The thing is, RBS/Natwest did this a while back under the guidance of the same person who is doing the same to HSBC. RBS/Natwest are now frantically recruiting IT staff in the UK to plug its skills gap created by outsourcing a lot of their IT back end to places like India. This is a fools errand

 

It is certainly cost. Wages cost. Bank Levy. Cash reserves. Bankers bonuses. Regulation. Taxation. They are all part of a process for a multinational bank.

 

---------- Post added 16-05-2016 at 22:11 ----------

 

pretty much everybody says you got it wrong, hundreds of thousands of jobs have gone overseas.

 

Everyone!!!!!!!!!!!! You mean 3 folk on Sheffield Forum. :hihi::hihi:

 

Probably the same ones who, when it was suggested banks might move jobs overseas, said don't let the door hit your backside on the way out.

Edited May 16, 2016 by foxy lady

[altus 538]

Who says I got it wrong. The jobs are moving to other countries and not disappearing. Did you miss that?

The bit you got wrong was suggesting it was down to people's negative attitudes to banks in this country.

[andyofborg 11]

moving jobs overseas is a quick way of reducing costs which increases profits and therefore the bonuses paid to senior management

 

in the overall scheme of things, outsourcing rarely results in a significant cut in costs over the life of the contract. however, the additional costs generally dont appear as staff costs which makes it easier for them to be buried in the company accounts.

[S1 1DJ 11]

It is certainly cost. Wages cost. Bank Levy. Cash reserves. Bankers bonuses. Regulation. Taxation. They are all part of a process for a multinational bank.

 

---------- Post added 16-05-2016 at 22:11 ----------

 

 

Everyone!!!!!!!!!!!! You mean 3 folk on Sheffield Forum. :hihi::hihi:

 

Probably the same ones who, when it was suggested banks might move jobs overseas, said don't let the door hit your backside on the way out.

 

Well, certainly got you veering to a u turn on your original quote! It's about cost savings... When outsourcing comes back, it's usually on lower costs and wages whether in or outsourced within the UK

[foxy lady 10]

The bit you got wrong was suggesting it was down to people's negative attitudes to banks in this country.

Well, certainly got you veering to a u turn on your original quote! It's about cost savings... When outsourcing comes back, it's usually on lower costs and wages whether in or outsourced within the UK

 

Who says I got it wrong. If the bank needs to pay bonuses to attract top management I doubt that the Indian public will be too bothered.

[S1 1DJ 11]

Who says I got it wrong. If the bank needs to pay bonuses to attract top management I doubt that the Indian public will be too bothered.

 

This equates to trolling or the logic of Bojo! You're entitled to your opinion can entertain yourself with the other's

[altus 538]

Who says I got it wrong. If the bank needs to pay bonuses to attract top management I doubt that the Indian public will be too bothered.

I do. If you're replacing seven IT systems around the world with one you're not going to need the same number of staff even if the one system has to be more complicated to cope with regional differences. HSBC have been shedding IT staff from more expensive countries for years. This action is a continuation of that process.

[Phanerothyme 12]

Looks like another tranche of their long term 'Move IT to cheaper countries' plan. 840 posts affected in total, 595 in Sheffield.

 

Perhaps it is down to the level of hate being levelled at banks by some in the UK.

 

Who says I got it wrong. The jobs …

 

Who says I got it wrong. If the bank …

 

To address your hypothesis, no, HSBC's redundancies aren't "down to the hate being levelled at banks by some in the UK".

 

In answer to your supplementary questions, HSBC says you've got it wrong. I say you've got it wrong. Altus says you've got it wrong. Berberis says you've got it wrong.

 

The only person who currently says you didn't get it wrong is you.

 

Perhaps that's down to the level of ignorance being paraded on this thread by some.

[Bob Arctor 11]

Who says I got it wrong. If the bank needs to pay bonuses to attract top management I doubt that the Indian public will be too bothered.

 

H-u-m-i-l-i-t-y.

[Mister M 1,609]

Perhaps it is down to the level of hate being levelled at banks by some in the UK.

 

What a load of cack you post.