Up to 50 jobs could go at a major bank in Birmingham as it reorganises its set-up in the city.
Sub-prime lender HFC, which has 800 staff in Birmingham, is conducting a review of operations likely to result in between 40 and 50 job cuts and staff relocations.
HFC, a wholly-owned subsidiary of HSBC, said in a statement: “Birmingham is a vital hub of HFC’s national operations and, with 800 employees, HFC is one of the city’s major employers. HFC has conducted a review of Birmingham operations to ensure the business is operating efficiently and we use our properties as effectively as possible. The review has resulted in several decisions to move various roles from different offices, as well as transferring staff within the HSBC Group in the UK. A primary objective has been to minimise redundancies and the need for relocations.
“This is continuing and it is not appropriate to comment on specific aspects until staff consultation is completed. However, we do not expect to reduce Birmingham-based headcount by any more than 40-50 roles, as the vast majority of affected staff are being offered suitable alternative employment in Birmingham.” According to financial services trade union Unite the bank is set to move mail and scanning functions to the Coventry branch of HSBC, understood to affect 30 roles, and collections and complaints departments will also be taken into the parent company.
Some customer services, banking services and reconciliations positions are also set to be “offshored,” according to the union, a move which could affect 80 roles. HFC focuses on unsecured lending and provides products through a nationwide branch network as well as retailers such as B&Q, Currys, Dixons and PC World. Set up in 1973, the company was initially part of Household International, one of the largest independent consumer finance businesses in the US.
In 1998, HFC Bank merged with Beneficial Bank.