HSBC claims National Insurance and red-tape caused job cuts

The
UK’s largest bank has announced that it will be shedding 1,400 jobs across the
country.

HSBC
blamed rising national insurance costs and red-tape for the job losses which
will be achieved through redundancies and natural wastage.

The
company employs around 40,000 staff in the UK, but said the rising National
Insurance costs coupled with new rules forcing banks to pay interest on small
business accounts had prompted the decision.

HSBC
said it will be spending £1.5m on counselling staff going through redundancy.

By Ross Wigham

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