Finance union attacks HSBC after record profits announcement

Unifi,
the financial union, has slammed HSBC bank executives after the bank reported
record profits.

Yesterday
HSBC announced a £5bn profit for the first half of 2004, up 53 per cent on last
year.

HSBC
has cut 7,500 jobs in the UK, of which about 4,500 will be moved to low-cost
centres in Asia. The bank has also created 1,000 customer-facing jobs as part
of its five-year strategic plan.

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Unifi
official Rob O’Neill said: "We don’t know how HSBC directors can sleep at
night. Instead of rewarding staff for their part in making HSBC as profitable
as it is, the bank is slashing 7,500 jobs in the UK and exporting work to Asia
in an attempt to cut costs. At the same time they are lining their own pockets
with huge pay rises."

By Michael Millar