HSBC: This is Gonna Hurt

HomeConsumer blogAug 2011HSBC: This is Gonna Hurt
Yikes. HSBC is planning to announce 10,000 job cuts on it's quarterly earnings call later today. That's roughly 3% of it's work force. The company is also selling all of it's branches in upstate New York, which amounts to 195 branches. That's a lot of jobs people, and what happens when companies start cutting jobs? Repeat after me, customers start to get worse customer service. Quite simply, there aren't enough people to answer the phones and companies like HSBC will start leaning more heavily on those wonderful IVR systems that drive us all insane. Now, we're not telling our users to liquidate their HSBC accounts by any means, we're merely just giving the heads up that customer service in the foreseeable future could suffer. While 3% may not sound like a lot to some, the first places that companies look to cut jobs is in the call centers as they view that department as a drag on expenses. We think that's ridiculous. You know what's a real drag on earnings? Purchasing subprime mortgage lender Household International which caused the company billions in losses since then. It's not the call center that's causing the problems, in fact, one could argue the call center is what keeps customer from leaving (assuming we actually get to speak to a real live person). However, as they say, thems tha breaks and unfortunately in order to offset the losses, the call center is undoubtedly going to falter. As always, we'd love to hear from our users in the coming months. Feel free to rate HSBC or to send us feedback on how they are doing.

For more on the changes at Europe's largest bank, click here.

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Posted by GetHuman on Mon, 1 Aug 2011 3:44pm


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