19 Full Time Positions Eliminated At HSBC Bank
HSBC Bermuda said that due to a “reorganization of their branches,” 19 permanent roles were eliminated and replaced with 21 part-time roles and several on-call positions.
An HSBC spokesperson said, “Last year a review of our Retail business was conducted [as we have previously communicated]. 6 permanent sales roles were added to our Premier Banking team to support our Wealth strategy and enhance our ability to connect with our customers to achieve their financial goals.
“The goal of the review was to enhance the customer experience as well as to create efficiencies within our branch network. This resulted in a reorganization of our branches where 19 permanent roles were eliminated and replaced with 21 part-time roles and several on-call positions.
“The objective of which is to ensure that our branches are fully staffed during peak periods and not overstaffed during non-peak periods [based on the current volumes in our branches].
“Those employees impacted by this restructure have been a priority focus in exploring opportunities for redeployment. All employees impacted had the opportunity to explore part-time and on call roles added to the branch network, in addition to any other vacancies within HSBC locally and globally.
“All employees impacted by redundancy benefit from out placement services [paid for by the Bank] through Expertise to support them as they seek alternative employment in Bermuda.
“To date we have been able to redeploy 40% of those impacted by redundancy. The new sales roles added to our Retail business have also given us the opportunity to promote and develop staff internally.
“All of the new sales roles have been filled by internal staff, all of whom are Bermudian. The part-time and on-call roles have also been filled by Bermudians either internal to HSBC Bermuda or selected from the local labour market.
“We will continue to review our business model, as most businesses are given the current economic climate, to ensure that we are positioned effectively to service our clients and continue to create shareholder value.”
And they “tripled their profits” Sad indeed.
That is why they are in business…
I say KICK THEM OUT! HSBC needs to go!!!! Blood suckers
Chase,Citi,are better Banks who needs HSBS – there nothing and mean nothing in the U.S.
Yes… let’s “kick” HSBC out and reduce even more jobs and hope that a bank like Chase will come to Berm. Come on people.
When will this madness end??my wife was one of those eliminated after 18 years working there, and all that profit they made, could they at least looked at 4 day work week??If we did not have this morgage to pay off, moving away would be our best choice!!Bermuda is headed in for lots of trouble, if the employment keeps on droping…Bermuda is not another world any more ,but headed to a third world country status…RIP BDA..
Bermuda is going third world. A lot of us are in denial and have blind hope that the current government can somehow perform a magic trick and fix the economy.
Unfortunately, private sector jobs are being cut, the government is talking about privatization which in the end will result in more job loss. In the next 5 years, Bermuda govt. may not even make enough to pay the interest on the loans of our national debt. Our tourism industry has been on the decline for 30yrs. We have some serious issues in this island. The clock is ticking.
P. s. check this out!!http://www.reuters.com/article/2011/07/31/us-hsbc-firstniagara-idUSTRE76U29520110731
This is exactly what the Minister was talking about during the budget!
Banks are “BREAKING GREAT” and Bermudian are “BREAKING BAD”
Good God OBA stop this madness , after all that’s what You promised in your ill fated election campaign . Sucking teeth !
as usual blame the Government for everything wrong.
Wow do you hear yourself , that’s all you people ever did from 1998 until Dec. 2012 . Shoes on the other foot and your black magic doesn’t work so well . Step up to the plate Mr and Mrs OBA , show us how it’s done , your in the drivers seat now …DRIVE .
“You people”?
*you’re
Yes Sir. Right away Sir. Yes the OBA is very good. Light years better than the PLP. Nice to see that you think that they can do something about how HSBC operates but, here is the reality. Bermuda is a very small drop in HSBCs very big bucket.
Whoever, wherever HSBC HQ is, they don’t care what anyone in Bermuda thinks.
Agree, stop all the OBA/PLP arguing over this. Jobs would still have gone if PLP in power.
In light of your comments’ HSBC just added more people to the unemployment list. – thats the reality here.
- and sounds like more to go.
So it looks like this unemployment looks to have no end to it.
If this plight continues to though the next Four years what do you think will happen politically.
….we will get the Cog back! She who promised us two years ago the the economic recovery had begun!
It will stop soon enough, in fact as soon as HSBC find a customer for a bank they no longer want.
HSBC Group’s CEO has gone on record as saying Bermuda is one of the places that makes him nervous – pretty clear that they want out.
Nothing to do with OBA, this has been going on since the PLP changed the 60/40 rule. From a business prospective outsourcing makes sense if you want to make a profit, but it ends up hurting the people who worked very hard over the years to make the company successful. The most hurtful part is that you have to at times train the people to whom the work is being outsourced and keep a positive attitude knowing your destiny through it all.
Union calling illegal strikes and work stoppages is not helping us either… Time to move forward and leave the bondage mentality where it is. We are all for the best for our Bermuda or not.
the reality is these decisions are being made on a level far beyond the petty internal squabbling of 60,000 people on rock in the middle of the ocean.
We act as if the world waits with baited breath over what decisions Bermuda will make regarding any number of issues.
If we desire a place in the 21st century economy we must be clear about what it is we want.
I find it fascinating that amongst all the talk of foreign investment or privatization of services and infrastructure profits and profitability is never mentioned.
I assure you if you provide the right profit margins or corporate savings these corporations will find a way to deal with striking transit workers and rude cashiers at the grocery store.
This narrative that persists of companies being concerned about Bermudians being friendly is a LIE.
The Corporate directive is always profitability. If companies can deal with working in and with human rights violators like UAE, ,Qatar , China, Saudi Arabia, Indonesia I think they can handle Union members marching.
The days of Bermudas Economic isolation are over. Welcome to the global village and the same rules of business apply everywhere.
Companies will make cuts , shift assets and points of operation at a whim and all in the name of maximizing profits.
You can lament the rules of the game but in the end.
This is the Game. So Learn the rules and get ready to play ball.
Yes, you are right – the corporate directive IS about profitability – but that does not negate human interest in these situations. It is true that the global economy and business has changed – but Bermuda is still a small Island of 65,000 in the Atlantic, and while companies and IB do not have an obligation to take care of our people, WE DO. Why? Because if we don’t, the social ramifications of too many Bermudians out of work, economically disenfranchised and unable to make a living in their home country is unthinkable to the point where it should make ALL of very afraid.
You mentioned privatisation and human rights issues in places like Qatar, China, etc – yet many of these multinational corporations are the WORST violators of human rights in those countries!
By the way, if the “game” you refer to involves being accused of allowing terrorists to move funds around and having to pay nearly $2 billion in fines for money-laundering – I’ll sit this one out thanks.
my diagnosis of the reality of IB in no way represents my beliefs in how any government should go about shaping Bermuda and its relationships with IB.
My goal was to ask that we simply go forward with our eyes open to the reality.
Heres hoping going forward we embrace this reality instead of lamenting it.
“Let us issue the curreny – we care not who makes the laws…”
More companies with no social consciousness. Maybe when they let go of Bermudians they should let go of their mortgages as well.
It is really sad that Bermuda has provided such a climate for business success and then the country gets kicked in the butt in the name of “efficiency”.
is it sad or are you being naive ?
Companies taking ” unkind ” measures to save money isnt only unjust when it effects Bermudians.
we reside in a tax shelter. what exactly do you think we do here ?
The OBA said the economy is getting better under them.
I think things ARE improving… they only laid off 19 people this time.
LOL!!
$45m in profits. A claim that they’re all geared up to lend money to people and bragging about the pittance of $750k that they donate to charity. And bang! 19 redundancies. Now maybe all you OBA lunatics will understand why we have to diversify this economy: these people do not have Bermuda’s interest at heart. This is about money and bottom line for them. We need to get over them just like they have obviously gotten over us. Smarten up Bermuda.
We broke the 60/40 rule to let this bank into the country and we are giving even more concessions for these overseas investors under the OBA government. The question is what does Bermuda really get by giving away everything in the forlorn hope that these outside economic interests are really going to act in Bermuda’s interests? That why we must not throw away what could be our economic salvation in exploring what could be under the waters in our EEC area. This is nothing less but a question of Bermuda’s economic liberation which is at stake.
@Mr Williams – Dame Jennifer and the Late Hon Eugene Cox should have ensured that HSBC’s conditions in the 2004 60/40 waiver included no job losses and expansion strategy outlined with 5 and 10 year projections, but as always we give away the baby, bath water, cod fish and potatoes
By “we” I think you mean the PLP. The assumption of Bank of Bermuda by HSBC was approved by the former Government despite objections from the electorate who understood the ramifications. The bank went from employing +1,200 people to less than half of that figure.
LOL…..Bank of Bermuda was not “assumed” by HSBC!!! It was SOLD to them by its shareholders…Bermudians!! Stop lying to yourselves. Bank of Bermuda was an international Bank…..HSBC (sadly and pitifully) is just a local bank! ….and that in a nutshell is why the jobs are…and will continue to disappear from that company!
HSBC is a scourge on our island. They have cut hundreds of jobs over the years and squeezed Bermudians harder and harder. When it was Bank of Bermuda they were invested in and part of the local community. Now, they are just milking us.
MA$E’s comment illustrates the problem. Decisions are being made far away from the places and people they impact.
The only solution is for the government to implement stricter banking regulations. HSBC is already here, that wont change, but they still must operate under our laws. It’s time elected officials put these banks to the task and wrote regulations that align their interest with the community at large’s.
I totally agree with those comments.
Talk about squeezing..their policy requiring 3 months notice if you want to pay off a mortgage loan early is designed to just that! Squeeze the crap out of you! It’s g_d damn ridiculous!
However don’t expect our spineless politicians to confront these people on any of their nasty deeds.
Bunch of cowards!
Minister Bob Richards, I hope you are taking careful notes on this one!
Bob Richards stopped talking big about 14 months ago . Nowadays he whispers to the bank ; can you please lend me some more money ? Cause the last bit you gave me is all gone !
Seriously…
Do you do ANY sort of research, or is everything that pops into your head instantly true to you?
They should drop the tag line ” the world local bank” with “the corporations local bank”
& yet they want to put a spin on it to make you think doing away with the 60/40 rule is a good thing for Bermudians…..
you can lay the blame on the failed and defunct plp and the striking performances of the useless biu.
Haven’t seen you at Coral Beach club for tennis lately, where you been bye? LOL!
This concrete proof that hsbc DOES NOT CARE ABOUT BERMUDIANS!!! This is one of Bermuda’s BIGGEST MISTAKES!!! We should have NEVER allowed hsbc to come to our shores!!! We should boycott them, and send them packing!! And all banking be done with the only real Bermudian Bank.
11
I agree boycott, stand together and every person or most remove their business from HSBC! Strength in numbers if the people stood together it could send a strong message. Look at all the money they are making and paying rock bottom interest rates. It’s all so wrong.
PLP sold us out on this one
And I’ll say it again.
HSBC IS THE WORST THING THAT WAS ALLOWED TO OPERATE A BUSINESS IN BERMUDA.
CLOSE YOUR DOORS AND LEAVE PLEASE. YOU DONT GIVE A FLYING FIG ABOUT BERMUDA AND ITS PEOPLE OR OUR DEPRESSED ECONOMY WHICH WERE IN PART CREATED BY YOU.
Depending on how one interprets the British article, HSBC’s CEO earned $7.2 million in salary (which excludes $527,000 in pension allowance) but $3.6 million over two years in bonus shares and $266,00 in housing allowance, making him the second highest paid person in Hong Kong.
Mr Stuart Gulliver earned his salary and bonus even though he failed to make some key targets of revenue for the bank.
192 HSBC senior staff received over $1millions in bonuses with 170 ‘code’ staff in the financial services sector. The bank’s entire bonus pool worldwide standing at $2.1bn whilst the bank made $8bn in profits worldwide. Noted, one unidentified staff ‘non-senior management’ got a signing-on fee of $3.5m to move to HSBC.
David Fleming, Unite national officer, said: “Countless reviews of the company’s operations to make short-term savings continue, while the top bankers take home enormous bonuses. How can CEO Stuart Gulliver have a clear conscience over his reward package of £7.2m, while thousands of staff face uncertainty about their jobs?”
As reported in the Guardian newspaper:- 27/02/2014
London, England
The irony is that two Bermudians who helped HSBC get a foot in Bermuda’s door laughed all the way to the bank.
And another irony, one of the few individuals who never wanted the sale of this landmark Bermuda institution [Bank of Bermuda] was, Dr Eva Hodgson, and race was never her consideration.
London, England
And our ECCONOMY is still going down for the “FIFTH YEAR” in a row.
Thank you PLP/BIU and they are trying again to destroy our economy.
Lets see now $2.324Billion dollars in DEBT at $120Million per year in interest.And we are only BORROWING $267Million this year down $70Million from last year.
$267Million to pay people that we don’t want to loose there “JOBS”
as our HUGE DEBT increases and so will our interest.
Because we do need 8,000 Government people on the payroll of $750Million per year out of 25,000 working age Bermudians.
Our economy will “NEVER” turn around until we “BALANCE THE BUDGET”
Bermuda has a SPENDING problem,we have beer money with champain tastes.
I can agree with you about 80% Blue Bird
but lets say that the Govt.of the day got ride of 1000 of those govt.workers – wont that just be 1000 more people
without Jobs – so what do you thinks going to happen after that!
LOL! What’s going to happen……NOTHING is going to happen. they will be out of work and will have to start looking for a job…..where ever they can find one!
Some will leave the island to look for work, some will retire, some will simply take whatever job they come by…..but none of them will do a damned thing if we keep borrowing money to pay their bloated $80k per year salary, plus generous retirement and health benefits! WE need a government with the guts to act now….not in 18 months when the country has run out of time ….. and money!!
I on the other hand totally disagree with Bluebird’s post on this blog. What does it have to do with 19 staff losing their jobs at HSBC?
Bluebird’s post, under this article, is both a deflection and insensitive to the individuals who have lost their jobs. It’s like you are attempting to completely overshadow the issue by highlighting what needs to happen in Government, they are NOT Government employees.
This article has nothing to do with Government jobs cuts, unless the Government intends to make jobs available to them tomorrow. And the answer – high unlikely – so why mention it? The post is very insensitive.
London, England
OBA sucks……country will run out of money in 18 months and meanwhile they are busy looking for contracts and rents! Like the PLP before them….they only want to be reelected and will wait until the last moment…the moment just before we run out of cash…. to try and call an election!
Losers!
Hope….as they say….is not a strategy!