HSBC has once again revealed their contempt for the British customer.
It has been revealed 8,000 HSBC worker jobs are to get the axe, with 25,000 positions facing the risk globally. In Britian, this 8,000 represents one in six of HSBC’s workforce.
This comes at a time when HSBC is threatening to move it’s formidable London headquarters of two decades out of the capital. A move of resources to Birmingham is in proposition with a move to different shores completely also not ruled out. HSBC claims this is due to the George Osbourne’s raising of the bank levy in the March budget. HSBC is also self admittedly reogranises itself to reflect a greater focus on the Aisan market.
As well documented in the press, HSBC has been plagued by scandal & fines in recent years. Extensive HSBC bad press include being wrapped up in the recent FIFA scandal that is dominating headlines. They have also been sucject to £389 million fine as part of one of six financial institutions entrenched in rigging lucrative foreign exchange markets. HSBC remains under intense scrutiny also following revelations of it’s tax practicies at its Swiss private bank.
What would a HSBC move mean for the British economy? Should we welcome the move of a financial institute that flouts banking regulations & shows open contempt for the British customer, or should we lament the loss of the massive taxes that HSBC contributes? Does this show a shift in global financial power if a dominating finance institute is showing preference to a foreign market over British shores? The idea of a global banking power such as HSBC leaving the financial mecca of London previously would have been laughable. However, now it is a very looming possibility.
With the ever present threat of a rise in interest rates, the British banking sector is forseeing a large & rapid shift. This follows increased regulations of all financial sectors. The future of British financial services has never been so in question with swift modifications of it’s very foundations.
At Rescue My Properties, we are continually at the forefront of developments in the finance market. We are poised & prepared for any changes in the property & finance sector with subversive solutions to all possibilities. As is evident, any change in interest rates would leave many property portfolio owners in a precarious position. Prevention is always the best treatment. Schedule a consultation with Rescue My Properties today for a free consultation on the structuring of your property portfolio, as well as a forecast for the future of your property finances.