Nothing about HSBC, the job cuts and possibly leaving?

[eharding]

Luke Warm said:

Flip Martian said:

Blimey, only 7.5-8% - the investors must really be suffering. Poor things. Pfft, what a world.

If a bank was offering 7.5% interest and another 10%, what would you choose?

With hindsight, it depends if the one offering 10% was in Iceland and the one offering 7.5% was...well...somewhere else.

[Gecko1978]

I left HSBC on my own but I know friends who got let go from the IBank and really no set rule some did well some got f all and treated badly eg guy gets a call can you come up to he. Goes up gets told after 11 years today is last day told can't go back to his desk there is a cab downstairs to take him home courier will send his personal effects. How is that right it's not but it's life in the city.leehman broses collapse even worse but hey ho we all know the risks (I think people forget banks rise an fall especially fortunes in ibanking).

I contract now we myself to highest bidet etc and expect nothing other than pay check each week. Much happier now etx no appraisal no corporate bull st etc you don't want me just let me go no notice etc I just make sure I take my coat if I am ever asked to meet hr lol

[eharding]

Gecko1978 said:

I contract now we myself to highest bidet etc

My sympathies. Whoring yourself to a bidet has got to hurt, soul deep, regardless of how high it is.

[eccles]

Du1point8 said:

If you work retail and on the front line, you get no such decent payout as its a standard one.

Ah, Bless, lowly bank staff get'normal' levels of redundancy payout. So what.

[anonymous-user]

eccles said:

Du1point8 said:

If you work retail and on the front line, you get no such decent payout as its a standard one.

Ah, Bless, lowly bank staff get'normal' levels of redundancy payout. So what.

I have to say that was my reaction to that post..... So what? That's life for the majority and I see no reason why bank workers should be any different.

Either way, it's not going to be significant in terms of the budget deficit, benefit cuts or anything else for that matter.

As I said, a lot less to this than meets the eye.

[Du1point8]

eccles said:

Du1point8 said:

If you work retail and on the front line, you get no such decent payout as its a standard one.

Ah, Bless, lowly bank staff get'normal' levels of redundancy payout. So what.

Yep thats how it works, most of the workers are normal, however Joe Bloggs still think that everyone working for a bank is a multi millionaire, getting paid a fortune, with bonuses coming out of their ears... in reality its massive differently, but Joe Bloggs do not care... If work for bank they you deserve everything you get... as proven by your comment.

[FredClogs]

Du1point8 said:

eccles said:

Du1point8 said:

If you work retail and on the front line, you get no such decent payout as its a standard one.

Ah, Bless, lowly bank staff get'normal' levels of redundancy payout. So what.

Yep thats how it works, most of the workers are normal, however Joe Bloggs still think that everyone working for a bank is a multi millionaire, getting paid a fortune, with bonuses coming out of their ears... in reality its massive differently, but Joe Bloggs do not care... If work for bank they you deserve everything you get... as proven by your comment.

It wasn't millionaire casino bankers who mis-sold PPI was it? It wasn't CEOs and CFOs who started flogging interest rate swap contracts to corner shop owners and hairdressers was it?

I am not saying that every bank cashier through out the land is corrupt and deserving of bad fortune but they all know that there working in a corrupt and nefarious industry. Not everyone that works at Wonga or Phillip Morris or Peugeot is an ahole but the end product is bad for society and they know it.

[Du1point8]

FredClogs said:

Du1point8 said:

eccles said:

Du1point8 said:

If you work retail and on the front line, you get no such decent payout as its a standard one.

Ah, Bless, lowly bank staff get'normal' levels of redundancy payout. So what.

Yep thats how it works, most of the workers are normal, however Joe Bloggs still think that everyone working for a bank is a multi millionaire, getting paid a fortune, with bonuses coming out of their ears... in reality its massive differently, but Joe Bloggs do not care... If work for bank they you deserve everything you get... as proven by your comment.

It wasn't millionaire casino bankers who mis-sold PPI was it? It wasn't CEOs and CFOs who started flogging interest rate swap contracts to corner shop owners and hairdressers was it?

I am not saying that every bank cashier through out the land is corrupt and deserving of bad fortune but they all know that there working in a corrupt and nefarious industry. Not everyone that works at Wonga or Phillip Morris or Peugeot is an ahole but the end product is bad for society and they know it.

They are boy scouts compared to the corruption and scandals that go through the public sector, should we tar them all with the same brush too?

Everyone who works for the public sector knows this goes on and they know it... the only thing more corrupt is the UN.

[Gecko1978]

eharding said:

Gecko1978 said:

I contract now we myself to highest bidet etc

My sympathies. Whoring yourself to a bidet has got to hurt, soul deep, regardless of how high it is.

Haha brilliant typo and you know some places it does feel like a bidet lol

[FredClogs]

Gecko1978 said:

eharding said:

Gecko1978 said:

I contract now we myself to highest bidet etc

My sympathies. Whoring yourself to a bidet has got to hurt, soul deep, regardless of how high it is.

Haha brilliant typo and you know some places it does feel like a bidet lol

Well HSBCs dealing with Mexican drug cartels and Colonel Gaddafi certainly goes to show they're as adept at cleaning smelly s.

[Gecko1978]

FredClogs said:

Du1point8 said:

eccles said:

Du1point8 said:

If you work retail and on the front line, you get no such decent payout as its a standard one.

Ah, Bless, lowly bank staff get'normal' levels of redundancy payout. So what.

Yep thats how it works, most of the workers are normal, however Joe Bloggs still think that everyone working for a bank is a multi millionaire, getting paid a fortune, with bonuses coming out of their ears... in reality its massive differently, but Joe Bloggs do not care... If work for bank they you deserve everything you get... as proven by your comment.

It wasn't millionaire casino bankers who mis-sold PPI was it? It wasn't CEOs and CFOs who started flogging interest rate swap contracts to corner shop owners and hairdressers was it?

I am not saying that every bank cashier through out the land is corrupt and deserving of bad fortune but they all know that there working in a corrupt and nefarious industry. Not everyone that works at Wonga or Phillip Morris or Peugeot is an ahole but the end product is bad for society and they know it.

The issue is the hate poured on people who work in an industry who had no part in its downfall and did not make huge profits etc when things were golden. No one she get special treatment but my guess is average Joe at woolworths or city link were not called scum when they were let go.

I keep saying it the financial crisis was caused by banks governments and people who over spent and did not pay back there loans. It's hard for your average Joe to take that on board that buying a home they could not afford was in fact there own choice. Live within your means etc plan ahead for the bad times. Again it's why I say removing front line bank staff is sad for consumers etc.

So job losses at HSBC if cashiers are sad but part of the business. Really I would like to see thoes that promoted and or turned a blind eye to libor / ppi / tax off shoring etc face the courts. It's not going to happen ever sadly but I do feel if a few middle managers an those above ended up in gaol then it might empower employees at all levels to actually do the right thing long term rather than just do what they are told.

[FredClogs]

Du1point8 said:

FredClogs said:

Du1point8 said:

eccles said:

Du1point8 said:

If you work retail and on the front line, you get no such decent payout as its a standard one.

Ah, Bless, lowly bank staff get'normal' levels of redundancy payout. So what.

Yep thats how it works, most of the workers are normal, however Joe Bloggs still think that everyone working for a bank is a multi millionaire, getting paid a fortune, with bonuses coming out of their ears... in reality its massive differently, but Joe Bloggs do not care... If work for bank they you deserve everything you get... as proven by your comment.

It wasn't millionaire casino bankers who mis-sold PPI was it? It wasn't CEOs and CFOs who started flogging interest rate swap contracts to corner shop owners and hairdressers was it?

I am not saying that every bank cashier through out the land is corrupt and deserving of bad fortune but they all know that there working in a corrupt and nefarious industry. Not everyone that works at Wonga or Phillip Morris or Peugeot is an ahole but the end product is bad for society and they know it.

They are boy scouts compared to the corruption and scandals that go through the public sector, should we tar them all with the same brush too?

Everyone who works for the public sector knows this goes on and they know it... the only thing more corrupt is the UN.

Yes, let's not use a brush. let's use a tar cannon and tar them from the citadel of righteousness up on this hill of purity... No one really gives a st when nurses are laid of, have their hours cut and take year on year below inflation pay rises. No one really gives too much of a st about anyone except their clique, but the banks deserve a kicking (even if it's from anonymous no marks on the internet in a car forum only a dozen people ever read) and I for one wish to make a stand and say... I have a dream...

Edited by FredClogs on Wednesday 10th June 09:04

[Hackney]

So the UK personal banking business was under-performing yet HSBC blame the decline in profits on fines.

Hackney said:

"The drop in profitability was driven by $2.4bn in fines and customer compensation costs, largely connected to fines in connection with traders' attempted manipulation of foreign exchange rates and compensation for the mis-selling of payment protection insurance."

Then use the decline in profits to get rid of thousands of "ordinary" bank workers.

Du1point8 said:

Just talked with my contacts in HSBC, most of the 8000 scum that are going are the cashiers, clerks, etc.

Don't forget to point and laugh as they go home with the million £ pensions and compromise agreements.

Honesty and morals aren't words these people know have even a passing acquaintance with are they?

[Du1point8]

FredClogs said:

Du1point8 said:

FredClogs said:

Du1point8 said:

eccles said:

Du1point8 said:

If you work retail and on the front line, you get no such decent payout as its a standard one.

Ah, Bless, lowly bank staff get'normal' levels of redundancy payout. So what.

Yep thats how it works, most of the workers are normal, however Joe Bloggs still think that everyone working for a bank is a multi millionaire, getting paid a fortune, with bonuses coming out of their ears... in reality its massive differently, but Joe Bloggs do not care... If work for bank they you deserve everything you get... as proven by your comment.

It wasn't millionaire casino bankers who mis-sold PPI was it? It wasn't CEOs and CFOs who started flogging interest rate swap contracts to corner shop owners and hairdressers was it?

I am not saying that every bank cashier through out the land is corrupt and deserving of bad fortune but they all know that there working in a corrupt and nefarious industry. Not everyone that works at Wonga or Phillip Morris or Peugeot is an ahole but the end product is bad for society and they know it.

They are boy scouts compared to the corruption and scandals that go through the public sector, should we tar them all with the same brush too?

Everyone who works for the public sector knows this goes on and they know it... the only thing more corrupt is the UN.

Yes, let's not use a brush. let's use a tar cannon and tar them from the citadel of righteousness up on this hill of purity... No one really gives a st when nurses are laid of, have their hours cut and take year on year below inflation pay rises. No one really gives too much of a st about anyone except their clique, but the banks deserve a kicking (even if it's from anonymous no marks on the internet in a car forum only a dozen people ever read) and I for one wish to make a stand and say... I have a dream...

Edited by FredClogs on Wednesday 10th June 09:04

Banks don't deserve all the kicking but you are adamant its all their fault... The people you should be kicking are:

Retail Branches
Government in the form of Labour
Joe Public who don't understand they have to pay back what they borrow.
Few top level Retail managers.

So why do you and the rest blame traders, investment banks, corporate banks, etc? Hell you even blame Hedge funds that have nothing to do with banks..

A bank in its basic format is split into 3 companies, Retail, Corporate and Investment, they are separate entities and are not in anyway associated with the each other.

It makes you look like an uneducated idiot blaming the 2nd group and demanding their bonuses, etc for problems caused by the first group, why is that? Its a pure envy tax of taking something from someone that had nothing to do with it.

If that is the case why don't we as the public demand all the screw ups of the public service back out of all public sector people, simple things like the fk up of the NHS Computer system that cost £10 Billion and not one person was held accountable or jailed for that fk up... as NHS is public sector, why don't we make the police, fireman, etc, etc... pay for the fk up of the NHS?

Its exactly what is happing with Investment sector due to Retail, even worse with hedge funds that just get blamed anyway for sts and giggles, so get their pay/bonus taxed for no reason. Same Hedge funds that are making most of Joe Publics pension better to give them more money, but that doesnt matter, if a hedge fund person makes the fund £1 billion for Joe Public, then lets fk him over and take his bonus for his hard work.

You lot are strange people.

[TTwiggy]

Once again I see reference to 'Joe Public' (or Average Joe, if you prefer) 'not paying back what he borrowed.

I don't claim to understand every nuance of the banking crisis, but I don't recall a sudden outbreak of reposessions (such as those I saw when I was an estate agent in the 1990s) of houses owned by 'Joe'.

[Timmy40]

TTwiggy said:

Once again I see reference to 'Joe Public' (or Average Joe, if you prefer) 'not paying back what he borrowed.

I don't claim to understand every nuance of the banking crisis, but I don't recall a sudden outbreak of reposessions (such as those I saw when I was an estate agent in the 1990s) of houses owned by 'Joe'.

That's because of QE and a very swift response in terms of lowering the base rate. 'Joe' by and large would still be f**ked if the base rate retuned to 4% and lending rates to 6-7%.

[FredClogs]

Yeah I don't want to drag myself back to 2008 and Robert Peston pre voice coaching but I'm pretty sure the banking crisis was caused by the financial instruments created to wrap up and collateralise the sub prime mortgage debt and disguise the bad debts, not the bad debts themselves and the resulting loss of interbank lending.

[Timmy40]

FredClogs said:

Yeah I don't want to drag myself back to 2008 and Robert Peston pre voice coaching but I'm pretty sure the banking crisis was caused by the financial instruments created to wrap up and collateralise the sub prime mortgage debt and disguise the bad debts, not the bad debts themselves and the resulting loss of interbank lending.

It was the bad debts, it was primarily felt/seen in the US though, which was then a contagion affecting the UK and Europe. In the US some of the lending was gobsmackingly stupid, a lot of zero deposit lending to people who basically had no income. The whole US banking system is based on two large state backed mortgage companies who package up and sell on mortgages. So it's not as though it was some crazy highly complex hedge fund. It was basic lending.

[rich1231]

There is a lot of excess fat in the number of HSBC staff in the UK, a lot of needless duplication and segmentation where it isn't needed. I imagine it won't get cut too much though as generally the management are silo'd as much as the departments that are duplicated.

[Shaoxter]

So of the global 22,000-25,000 job cuts:
- 13,000 from improving operations efficiency, i.e. getting rid of waste
- 8,000 as customers move to digital, presumably closing branches and automating manual tasks
- 3,000 from reshaping Global Functions

Also winding down operations in a couple of countries to focus on China/Asia.
Seems like a pretty legit strategy to me, and I really wouldn't be surprised if the non-retail portion moves to HK pretty soon.