HSBC to outsource 2,000 jobs to India this year

HSBC to outsource 2,000 jobs to India this year

UK Bureau London, February 28

Britain's richest bank HSBC plans to move 7,000 jobs to India. It is believed 2,000 jobs will be outsourced to India this year.

Meanwhile, the Bank's staff is threatening to strike over pay cuts despite the fact that the bank is expected to announce record returns on Monday.

Despite record profits, 2,500 HSBC staff will not get a pay rise and another 10,000 are set to receive below inflation increases, the Amicus union claims.

Amicus chief Rob O'Neill said: "Some staff face the double whammy of no pay rise and seeing their bonus cut at a time when the bank is making more money than ever."

If staff votes to strike, the first walkout by its 25,000-strong workforce will be timed to hit HSBC's annual general meeting, expected to be on May 27.

Mr O'Neill said: "How can a bank which is making so much money squeeze the pay of exactly the same staff that have contributed to the success of the business and expect us to take it lying down? These mbuttive profits will mean yet another bonanza for shareholders and fat cat directors in the boardroom but no such luck for staff."

Overall, staff will get a 3.5 per cent rise. An HSBC spokesman admitted that one in 10 won't get a rise this year but said they were already well paid.