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News from HSBC on Pay cuts!
PAY 2007 FOR CLERICAL STAFF IN HSBC


At the time of exercising our right to re-open
talk’s inflation was sitting at 3.9% and projected
to rise over 4%. This was way above the 2.5%
accepted at the time the 3 Year deal was put in
place. We finally met with the Bank last month
and had protracted and somewhat difficult
negotiations with the Bank.

Pay talks took place this year against a
background of staff coping with understaffing,
stretching targets and ongoing restructuring
programme and continuing globalisation of jobs.
The end of year financial result for the UK in
HSBC will demonstrate that the hard work of all
Staff is paying off, with the Bank showing a
massive increase in profits. We would expect the
bank to reflect this by rewarding its staff
accordingly.

Amicus made very strong representations to the
Bank over the necessity to increase the pay pot,
we also submitted a claim to remove Band A as it
was sitting just above the National Minimum
Wage.

The Bank also stated that any movement in the
market was having no overall impact on their
ability to recruit and retain staff on their current
salary rate. We also requested that the Bank look
at changing some of the Bands. As the market
data we had available was telling us that there
was a significant movement in the Market they
agreed to look at this.

Also this week in the Banking Industry:

Banks reject solution to branch closures
The British Bankers Association (ABI) has vetoed, on behalf of major high street banks, a proposal from the Campaign for Community Banking Services (CCBS) to ensure communities have access to local banks. The CCBS, to which Amicus is affiliated, put forward a study which would have ensured local access to banking services for millions and protected the 1500 communities currently at risk of bank closures. The plan has worked successfully in the US and has been demonstrated to be financially viable.

The CCBS expressed disappointment at the BBA's response. Hon Director of CCBS, Derek French said; "We can now look forward to the loss of many more local bank branches, and the knock-on effect that will close other community retail services, without any suitable alternative in place. The banking industry has turned its back on a profitable solution to the problem through sheer narrow mindedness".

The CCBS is a coalition to campaign against branch closures:

Nearly 6000 bank branches have closed since 1990, leaving some 1000 communities bankless.

1087 communities have only one bank.

545 only have two remaining.


Abbey cuts 1,000 more jobs

Personnel Today has reported that Banco Santander, the new Spanish owners of Abbey, will cut 4,00 jobs. This is roughly 1,000 more then previously anticipated.

The bank said that 1,000 jobs have already been lost and the remaining job losses would be mainly back office.

Sainsbury's job losses

Managers of the struggling banking section of Sainsbury's have written to all 350 employees of Sainsbury's Bank warning them that their jobs are at risk. This move comes one week after 600 posts were lost in Holborn, London.

Sainsbury's Bank, a joint venture with HBOS, has had a poor six months, forcing the group to admit that income growth has been below expectations for the past two quarters.

For more news visit Bankcareersdirect.com.