Nothing about HSBC, the job cuts and possibly leaving?
Discussion
Comments in the papers are a little strange:
'Good riddance they were a burden on the country'
'Those 8000 bankers deserved to be fired on their massive salaries'
'Why is such a great UK company deserting its origin'
'They should be taxed for leaving the UK and going to Honkers, its not right'
'They had better leave the HSBC name behind, after all I have been a customer since 2005 and I want our UK name to stay'
'HSBC are a second division outfit. If they are pulling out of businesses then some high performers might be OK. The rest will struggle.'
'They had a hand in the financial crisis. Each personally culpable. They have themselves to blame.
Do they work in a bank? If yes, then guilty. They knew what they were doing.
Orders isn't an excuse.'
Sometimes I feel like weeping silently into my hands when I see stuff like the above in the comments.
Ah well...
'Good riddance they were a burden on the country'
'Those 8000 bankers deserved to be fired on their massive salaries'
'Why is such a great UK company deserting its origin'
'They should be taxed for leaving the UK and going to Honkers, its not right'
'They had better leave the HSBC name behind, after all I have been a customer since 2005 and I want our UK name to stay'
'HSBC are a second division outfit. If they are pulling out of businesses then some high performers might be OK. The rest will struggle.'
'They had a hand in the financial crisis. Each personally culpable. They have themselves to blame.
Do they work in a bank? If yes, then guilty. They knew what they were doing.
Orders isn't an excuse.'
Sometimes I feel like weeping silently into my hands when I see stuff like the above in the comments.
Ah well...
MysteryLemon said:
SO what does this mean for the average joe like me who have a HSBC current account and savings account? Anything at all for the time being?
Nothing...HSBC do not run your account, Midland Bank (the same departments in Sheffield, etc) have always ran it, HSBC rebranded them from Midland Bank to HSBC but never merged them into HSBC or changed the infrastructure much, this was done to create the illusion that they were HSBC.
So if anything the name will change back and not much else will happen.
Fittster said:
Du1point8 said:
MysteryLemon said:
SO what does this mean for the average joe like me who have a HSBC current account and savings account? Anything at all for the time being?
Nothing...HSBC do not run your account, Midland Bank (the same departments in Sheffield, etc) have always ran it, HSBC rebranded them from Midland Bank to HSBC but never merged them into HSBC or changed the infrastructure much, this was done to create the illusion that they were HSBC.
If its anything like my current bank, its corporate and retail back office staff that they think they can shift to Birmingham, how wrong they are and how messed up its going... They can't get the quality staff and those that are in London, refuse to go, leaving sub-standard deliverables at the moment.
They replace 12 contractors in London with 5 permies, the complaints rate went up from 4/5 a month to 5/6 a day (100 or so a month), thats progress, also the deliverables have changed from a release every week across 7 platforms, to 1 release every 2/3 months and the business is pissed!!
Hackney said:
fido said:
Yes, because sacking 700 staff out of several hundred thousand is a catastrophe. 
It is if you're one of the 700f
king Tories and their ruining of business.... Oh wait, its something that they do every few years, I have been through it twice and you wouldn't believe how excited some of the over 50s are, then shouting me me... when it comes to the culling.Flip Martian said:
Du1point8 said:
What is your idea of banker and the stereotype?
All depends which area of banking. There's a certain arrogance in many "city types" I've come across that is quite unpleasant. Belief in oneself is not a bad thing - quite the opposite - but couple that with a dismissal of the idea that not everyone can work as hard as them/earn similar amounts to them/has the same skill set needed to do what they do/be a financial "success", and a general lack of compassion for anything other than themselves, and its hardly surprising they're a popular target for a declining press trying to maintain readership figures.Timmy40 said:
Ali G said:
Timmy40 said:
Du1point8 said:
Flip Martian said:
Some of the posts in here do nothing at all to dispel the stereotype "banker" people have in their heads. Fancy that.
What is your idea of banker and the stereotype?Disposition - psycho.
But the public don't get this.
In my experience the stereo-type above is actually quite accurate, at least in FX/ Commodities trading. But that's a tiny tiny tiny proportion of the UK banking industries headcount, which is huge.
Some high up managers in back office Investment banking might get up to £40-50k bonus, but they are few and far between and they usually manage loads of people.
Hackney said:
Timmy40 said:
The thing is though HSBC has a very small investment bank, so actually the 8,000 job losses will be ordinary working types on modest salaries who happen to work in an open plan office shuffling paper for a bank, instead of a mobile phone company, hospital trust or estate agency.
But the public don't get this.
In my experience the stereo-type above is actually quite accurate, at least in FX/ Commodities trading. But that's a tiny tiny tiny proportion of the UK banking industries headcount, which is huge.
It's important to make that distinction. There's a difference between someone who works in a bank and "a banker". If it's the former that are losing their jobs that's a tragedy and they are the unfortunate victims of this. The people who work in the branches are not the ones who "brought down the banking system" TMBut the public don't get this.
In my experience the stereo-type above is actually quite accurate, at least in FX/ Commodities trading. But that's a tiny tiny tiny proportion of the UK banking industries headcount, which is huge.
From memory HSBC did something similar a couple of years ago. Making thousands of global redundancies despite stupendous profits.
And this year, "HSBC has said 2014 was a "challenging year" after reporting a 17% drop in profit to $18.7bn (£12.2bn)."
Yes, a 17% drop, but twelve billion profit. TWELVE. BILLION. (Presumably that's U.S. Billion not the proper one but still) A hell of a lot of money.
And what portion of the decline in profit, not loss, but decline in the phenomenal amount of profit made is due to problems caused by "the bankers"?
Well:
"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."
So nothing to do with those who will lose their jobs then.
Stating $12 billion and then only making $1 billion in the uk doesnt mean very much at all, in fact it means you have a very poor UK HSBC year...
FredClogs said:
It's not a British company the clue is in the name "Hongkong and Shanghai Banking Corporation" but that's largely irrelevant.
They launder for drug cartels, the bank of choice for despot's spoils and support deforestation via there ties with the largest timber conglomerates in the world. They close peoples accounts for supporting Palestinian charities and rip off their customers and refuse people like me access to our own cash, their employee's committed mass cooperate fraud by colluding to rig lending rates and fx rates and they invested $1billion with Bernie Madoff.
I don't think it's a great loss, do you?
Obviously not, but unfortunately we will need to now reduce spending in the welfare sector, someone is going to take the hit... who would you prefer?They launder for drug cartels, the bank of choice for despot's spoils and support deforestation via there ties with the largest timber conglomerates in the world. They close peoples accounts for supporting Palestinian charities and rip off their customers and refuse people like me access to our own cash, their employee's committed mass cooperate fraud by colluding to rig lending rates and fx rates and they invested $1billion with Bernie Madoff.
I don't think it's a great loss, do you?
Or do you have a magic money tree that can replace the lost income to the UK that the UK will now lose?
REALIST123 said:
Gecko1978 said:
I think / hope dupont is making light. Though if it is cashiers etc this will be in line with reducing bank staff anyway go to most brnaches now an counter service is not an option you have to use the machines (RBS still offer counter service for all). I have found it odd that you withdraw a service from the low income customers who benefit from it most i.e. face to face explinations an service, untill I think like a banker / Corp and draw the conculsion that low income retial customers are not profitable so why offer them more. Sad but true really. Its one of the few things I think should be in law face to face access for all etc. Its much easier to talk to a person about debt managment than a voice on a phone 1000's of miles away.
Oh an I know people who got made redundant in the city, its not uncoomon for firms to be totals and pay statutory rates which is like £250 max for each full year you worked there and I think its capped at 25weeks.
the days of 3 years salary and keeping your company car as a £1 gift are long gone. All firms treat you like dirt now.
I'm not sure he is making light.Oh an I know people who got made redundant in the city, its not uncoomon for firms to be total
s and pay statutory rates which is like £250 max for each full year you worked there and I think its capped at 25weeks.the days of 3 years salary and keeping your company car as a £1 gift are long gone. All firms treat you like dirt now.
Btw statutory redundancy pay is up to 30 weeks at £475, £14250, tax free, but HSBC have said they'll do this by natural wastage, which should take less than three years so redundancy shouldn't enter into it.
Unless we are expecting HSBC to behave Immorally and s
t on people?All in all much less than meets the eye in this one, methinks.....
Decent compromise agreements are not on the cards for many of the staff, yes for the long termers with early retirement, those other ones will get bugger all.
The departments that give decent compromise agreements are not the ones affected.
How do I know this, well lets just say I have worked Retail, Corporate and Investment whilst I was at HSBC for 9 years so I might know a thing or two and have several old friends still in each sector who I keep in touch with up to European/global heads of departments...
If you work retail and on the front line, you get no such decent payout as its a standard one.
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.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.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 a
hole but the end product is bad for society and they know it.Everyone who works for the public sector knows this goes on and they know it... the only thing more corrupt is the UN.
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.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 a
hole but the end product is bad for society and they know it.Everyone who works for the public sector knows this goes on and they know it... the only thing more corrupt is the UN.
t 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
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 f
k 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 s
ts 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.
fblm said:
FredClogs said:
...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.
Oh dear. 
Don't be brought down to his level, he will only beat you with experience...
TTwiggy said:
Timmy40 said:
TTwiggy said:
My point was that once again on a thread of this nature we have people who are apparently 'at the coal face' of the finance industry blaming it all on the little people who had the audacity to want to buy a house or put a holiday on a credit card. Yet these people did not default on their mortgages (certainly not in any significant amount). Blaming them is exactly the same sort of innacurate kneejerk response complained about by those in the banking industry, who feel unfairly targetted.
It wasn't the little people at fault it was the incompetent, short termist, irresponsible idiots they elected, who then presided over a regulatory regieme deliberately designed to stoke an asset bubble based GDP boom that they took credit for, and then blame shifted onto the bankers when it inevitably blew up. Oddly in their rush to blame the bankers the politicians seem to completely forget the Governments role in it all, despite taking credit for the growth during the boom. The media do nothing to challenge that view.
Banking but really on retail for allowing people to borrow under advisement of Labour, because everyone deserves the right to have their own home.
Government - Ed Balls was chief bartender at the most out-of-control cheap debt party in living memory. Not only did the Brown/Balls regulatory system fail, but their cheap debt policy (aided and abetted by Sir Mervyn King) led the whole UK economy into a bubble.
Joe public - for lying and going in 100% mortgages and paying back on the never never, whilst not figuring out how they are going to pay for it.
Anyway, you can say what BS you want but I have mentioned them and several others have, you choose not to see it then fine.
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