HSBC bank workers pay the price for the quest for maximum profits
UNI Global Union, which represents 3 million finance workers worldwide, says HSBC’s announcement that it will cut around 10% of its global workforce underscores the human cost of the race for profits.
UNI Global Union General Secretary Philip Jennings said, “Seven years after the financial crisis HSBC is still looking for unrealistic rates of return on investments. Hardworking employees are paying the price with their jobs while CEOs are picking up hugely inflated bonus packages."
UNI Finance had been working to incorporate a social dimension in all macroprudential discussions that the FSB has been developing over the last year.
Head of UNI Finance Marcio Monzane, "We continue to insist Recovery and Resolution Plans, such as the one presented by HSBC, which is a so-called Strategically Important Financial Institution as identified by the FSB, include a dialogue with the unions in their workplaces.”
Last week French bank Societe Generale and UNI Global Union signed a global agreement reaffirming the bank’s undertaking to respect workers' rights.