Socialist Worker

Banking on a fightback at HSBC

Issue No. 1953

The giant HSBC bank was set to see major strike action hit its operations across Britain on Friday this week. Workers in the Amicus union have voted by 68 percent to 32 percent in favour of striking over pay.

This will be the first strike at a British bank since 1997, when workers struck at Barclays.

HSBC bosses have imposed a pay deal that will mean some 45 percent of staff get a below inflation increase and 10 percent get no increase. This is despite the bank announcing £9.6 billion annual profits earlier this year.

Workers are also angry about the way a new bonus scheme operates, insufficient staffing levels, branch closures and the offshoring of jobs.

The strike will mean that HSBC faces a four-day closure, due to next Monday’s bank holiday.

HSBC was to host its annual shareholders’ meeting on Friday this week and the union was planning a protest.

Workers in the Lloyds TSB Group Union are also preparing to ballot for strikes at Lloyds TSB over pay.

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Sat 28 May 2005, 00:00 BST
Issue No. 1953
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