Well This Will Make The Anti Bankers On Her Ehappy

[youngmafbog]

http://news.sky.com/story/1498660/hsbc-to-axe-thousands-of-jobs-in-uk

HSBC likely to be on their way. Too much tax and regulation in EMEA so off to APAC most probably. Can't say I blame them, regulation and compliance is killing off Gobal banking. They wont be the last.

Oh well, like I say the anti bankers on her must be rejoicing at 5000 bankers less in the UK.

[dave50]

They probably will be happy now. Thousands out of a job, millions less in tax paid to the UK exchequer but hey who cares as long as we get rid of those evil bankers.

[ubasses]

How about a Virgin Experience, they have quite a lot around the £50 or less, and even trawling through their website may give you some ideas you could arrange yourself.

[ubasses]

Oops wrong thread.

[jim360]

Of course almost inevitably the "wrong" bankers will end up losing their jobs. Those lower-paid jobs, or ones in customer services or at the cashier's desk. Rather than those on extraordinarily high salaries whose historically profligate trading led to the crisis in the first place.

Ah, well. When it comes to banks we have a tendency to aim for the head and hit the foot. And our own foot at that.

[mikey4444]

I have rarely such rubbish as this post. This has nothing to do with being anti-banks. One of the main reasons that HSBC and other banks are having to sack huge numbers staff is that they have been hit by eye-wateringly large fines and penalties, for the wide-spread fraud that they foisted on the British people, in the form of mis-selling of most of their products.

Perhaps if they had been more honest and less greedy, they wouldn't have had this drain on their coffers.

[ToraToraTora]

"Too much tax and regulation in EMEA so off to APAC most probably" - and London is more favourable than the rest of the EU, so we'd lose even more from the City if the had EU their way.

[Hopkirk]

Too much regulation and compliance?
Are you having a laugh?
Look what they did when their wasn't enough regulation.

I bet they don't move the HQ out of the UK though.

[mikey4444]

As institutions, Banks have shown themselves to be basically dishonest, on numerous occasions in the past. And they never seem to learn.

After billions have been paid out in compensation and fines for the fraud involved in mis-selling pensions, endowment mortgages and PPI, they are, even as I type, thinking up new ways to commit more fraud. They behave like shysters, all of them.

[youngmafbog]

//I have rarely such rubbish as this post. This has nothing to do with being anti-banks.//

1. Perhaps get your English right if you are going to have a go?

2. I didnt say they were leaving because of anti Bank measures I meant people like you and your rant(s) rather proves my point.

There is now too much compliance for a worldwide Bank. The reason for this is every country has created their own and there is no uniformity so Scale of operations is increasingly diminishing.

[Svejk]

I heard on the radio this morning that just this bank paid something like 850 million in 'bank-tax' alone, last year.

[sandyRoe]

Yes, as through this world I've wandered
I've seen lots of funny men;
Some will rob you with a six-gun,
And some with a fountain pen.
Woody Guthrie
Banks do their robbing on a grand scale.

[jim360]

Have you looked at your first post lately, ymb, before you go off at Mikey accidentally omitting a word...?

We have to be careful with banks to find a balance between under- and over-regulation, as the former leaves us with an economy too dependent on their success and too vulnerable to their failure; while the latter can push banks to go elsewhere for their business. And then they do provide jobs and quite a lot of them. It's sad to see these job cuts, and I'm hopeful that they will not impact too heavily.

[youngmafbog]

Jim, I wasn't having a go at anyone directly in my first post. When someone, who clearly has not bothered to read the post properly before putting fat digit to keyboard I do get annoyed. Mickey always tries to have a pop at me, he hates right wingers with a vengeance.

//Banks do their robbing on a grand scale.//

Have you actually been robbed by a Bank Sandy? Do you understand how much the service industry puts into this country?

[Gromit]

Between 2009 - 2013 HSBC have been fined £7.25billion. Not by the British, but mostly by the US regulatory authorities.

They face another $1 billion fine soon
http://www.reuters.com/article/2015/02/23/us-hsbc-fines-idUSKBN0LR0YD20150223

HSBC pulling out of the City and the 5000 job loses have nothing to do with UK regulation. The losses are a worldwide cull of 25,000 and the aim is to save money (presumably so they can keeping paying their fines).

UK Regulation has hardly been tightened at all since 2008. It hasn't nearly gone far enough considering the harm the banking crisis inflicted on the country. They have got off very lightly.

[youngmafbog]

//UK Regulation has hardly been tightened at all since 2008.//

You are joking of course. Maybe not by law but it is by enforcement and compliance. Banks have now become so risk averse it is difficult to do anything now, particularly on a Global scale.

And if you read my post you will see I said EMEA not UK.

[Gromit]

// HSBC has also said that uncertainty over Britain's future in the European Union is weighing on its future as well as new rules which oblige banks to split their retail and investment banking activities - the ring-fence. //

As many of us have warned, leaving the EU will mean many multinational companies quitting the UK and relocating their Eurpean headquarters in Germany or France. Whether HSBC stays will depend on a No vote in the EU referendum.

It is amazing that after 8 years, the retail and investment are still not yet separated. That is what I meant by little auK regulation hardly changing.

Whether in Europe or Asia, HSBC cannot escape the US authorities

[Gromit]

// In a renewed effort to simplify HSBC and address the poor returns at its investment bank, Stuart Gulliver, the chief executive, said he was targeting $5bn in cost-savings by the end of 2017. //

Basically, the Investment bankers have been performing poorly, so High Street retail outlets will be sacrificed to save money.

[Old_Geezer]

Fewer jobs are hardly something to rejoice over. What the country needs are bankers who do a good, moral, job, well; at a fair salary. The banks have overseen the "investment" screw up that ruined the economy, have employed people who wish to merely enjoy themselves gambling on the stock market in an effort to make a name for themselves (and often to their disappointment did so) and manipulated rates and suchlike again for their own interest. That doesn't mean we don't need banks and bank employees; it means they need to get it right; and if they can't self regulate then government need a more strict framework for them to operate in. If they can't agree to that then they must be up to something, and they can all go elsewhere and see how they fare there against others who also can't stand being told they must act morally. Others will fill the vacuum here.