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Friday, June 18, 2004
CUTBACKS: The HSBC - the Midland Bank - has announced its cutting 3,500 jobs from its UK operation, mainly at head office and management centres. They're aware that people might think that its a bit rich to be sacking so many people when they've just made seven billion quid profit, but have their defence ready:
"HSBC said costs in the UK were rising almost as fast as revenues, with between 2001 and 2003 income increasing by 9.8% while costs rose 8.4%. "We must make decisions now, however difficult, to manage for the future," said HSBC chief executive Michael Geoghegan."
... but if costs aren't actually rising at a faster rate than revenues, doesn't that mean that their already enormous profits are growing? So they seem to be dumping staff because of the "threat" of making even larger profits in the future. And these people are in charge of a financial company.
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