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HSBC to shift IT operations out of UK

HSBC is planning to shift its computer service operations in the UK to countries like Poland, China and India as part hsbc--621x414of its 5-billion-pound cost cutting. The proposal may affect 840 IT workers in the bank. The outsourcing deal, which will shed 595 jobs in Sheffield and a further 245 posts lost in London, Leeds and Birmingham, is the first big tranche of redundancies under a restructuring plan that will eliminate 8000 British jobs by the end of next year. HSBC said the relocation of IT jobs was part of its large and ongoing IT investment to build a global world-class IT infrastructure that would still leave the UK playing a central role in HSBC’s global IT and employing several thousand highly skilled professionals. Most of the staff affected were being informed about the cuts with all the UK jobs to disappear by the end of this year.

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