The efficiency axe
By Nick Heath
Published: 2 December 2008 16:27 GMT
IT workers will be among 1,150 staff to lose their jobs at financial giants HSBC and Credit Suisse.
Most of HSBC's cuts will take place at the bank's London headquarters in Canary Wharf but regional centres such as Birmingham and Leeds are also expected to see losses.
silicon.com Financial Services
Get the latest financial services news straight to your inbox. Sign up for the FS newsletter today!
The jobs will be axed within two to three months, with the cuts coming on back of HSBC's decision to pull out of the corporate healthcare brokerage business.
A spokesman for HSBC said: "There will be IT jobs affected. It is part of a broad review of the entire UK business unit looking at three key areas of head office personnel, financial services and commercial banking.
"The key objective is to reduce duplication and create efficiencies."
The spokesman added that it is not possible to confirm exactly where the job cuts would fall until a consultation with staff had taken place.
Credit Suisse is also to axe 650 jobs in the UK, including IT staff, because of "market conditions".
In a statement the Swiss investment bank said the cuts would help it reach "projected staffing levels required to meet client needs".
Major player in energy trading is looking for a strong .NET winforms developer with strong Web services and or WCF experience. You will be working on ...
One of the leading Investment Banks have an urgent requirement for a strong Business Analyst with credit derivatives experience, to work within the ...
Experience required: Knowledge of the front to back transaction lifecycle Experience of data migration analysis and definition Experience of working ...
Agenda Setters 2009
Welcome to the ninth annual Agenda Setters poll – silicon.com's list of the top 50 most influential individuals in the technology and IT industries, from techies and CIOs to entrepreneurs and business leaders. Find out more in our latest special report.
Stories from the web...
Copyright © 2008 CBS Interactive Limited. All rights reserved. Top of page
Tim Ferguson
On a new Voyager, tackling fraud and the intellectual challenge
Interview: Nationwide IT director, Peter Stafford
Nick Heath
David Lister on smart grids and why he left RBS
Interview: National Grid CIO
Andy Jones
Why banks will push ahead with offshoring
Comment: Even if they don't want to
Catherine Stagg-Macey
Legacy IT holding back insurers
Comment: Economic crisis means finance giants must step lively
Julian Goldsmith
The City fund manager with no IT department
Q&A: How asset management is embracing the cloud...
Peter Cochrane
Peter Cochrane's Blog: How tech can solve the banking crisis
Bring on a machine-based economy