HSBC to axe 840 IT roles

The Bank said the relocation is part of its “large and ongoing IT investment to build a global world-class IT infrastructure”.

However Unite, the trade union for UK bank workers, described the move as 'reckless', arguing that "offshoring IT jobs to so-called ‘low cost economies’ is extremely short sighted".

595 jobs are expected to go in Sheffield, with other impacted sites including Birmingham, Leeds and London.

Dominic Hook, Unite national officer for finance, said:

"HSBC’s decision to axe so many IT jobs is as ruthless as it is reckless. For almost a year staff have been left in the dark about their futures, only to be told that before being shown the door they're expected to train someone in India or China who will do their job for less money. It's a deeply cynical move by a bank which wants to be an 'Employer of Choice'. 

“As IT glitches across the banks continue to prove, it is ultimately the customers who will suffer the consequences."