HSBC stocks up despite job cuts

<p>HSBC has announced it is cutting jobs.</p>

Banking giant HSBC has seen its share price rise today (April 24th) despite it currently going through a series of cutbacks.

Stocks of HSBC Holdings PLC have risen to 630.90 on the FTSE 100 in the same week that the company announced huge job losses.

Overall the financial organisation is reducing his numbers by 3,166 in the UK. It was revealed by the company that the majority of the roles being ended will be in wealth management and the bank hopes to redeploy around 2,000 people.

HSBC's chief executive Brian Robertson said: "We are doing everything possible to offer impacted employees opportunities from the many newly created roles and I'm confident a significant majority will remain with the bank."

The decision has been slammed by the trade union Unite, which has said that it is currently considering balloting its members on strike action.

HSBC has more 47,000 staff members in the UK at present, making it one of the country's biggest employers.

At 12:35 BST, HSBC's share price was up by more than five points and was trading at 693.40.

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