Layoffs Watch '16: Only YOU Can Help HSBC Cut $5 Billion In Costs

Employees across the pond know what we're talking about.

As you pack up your knick-knacks and leave the building today, know that simply by no longer working at the bank, you're helping HSBC achieve a big goal it's working towards for 2017.

HSBC Holdings PLC on Monday said it will move 840 information technology jobs out of the U.K. and into India and other lower-cost countries, as part of previously announced cost-cutting plans. The British bank is aiming to cut $5 billion from its annual costs by 2017, largely by shedding units and thousands of jobs. Once it completes the sale of its Brazil business this year, head count across HSBC will have fallen to around 235,000, from 295,000 at the end of 2010. In a statement Monday, HSBC said the 840 jobs will transfer out of the U.K. by the end of March 2017.

HSBC Cuts Hundreds of U.K. Jobs [WSJ]