Socialist Worker

Bankers profits, workers' losses

HSBC rakes in over £7 million an hour and sacks 30,000 staff

Issue No. 2263

The bankers who wrecked the world’s economy are raking in billions of pounds while throwing workers onto the scrapheap.

The most despicable example is the HSBC bank.

This week it announced monster profits of £7 billion for the first six months of this year. Yet in the same breath it said it would cut 25,000 jobs to save money.

The cuts follow 5,000 job losses that bosses are already driving through, 700 of them in Britain.

And every other bank is doing the same.

Barclays made £2.6 billion in pre-tax profits in the first half of the year—and promptly said it would cut 3,000 jobs this year so it could make even more.

Credit Suisse and UBS have also announced major cutbacks, even though they both made profits.

The global elite is forcing workers to suffer in an attempt to get their ­system out of a crisis that began with the financial crash of 2008. Governments shovelled funds into the banks to keep them afloat.

Now the banks are sacking workers to keep their profits high, while governments push through major attacks on workers’ living standards to pay for the bank bailouts.

But they can only do this if we let them.

That’s why we have to fight back—and force the rich to pay for their own crisis.

HSBC's £7,000,000,000 profit in the first six months of 2011

It would take a cashier 388,888 years to earn that

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Tue 2 Aug 2011, 17:38 BST
Issue No. 2263
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