To think the economy is f****d -HSBC & Royal Mail

[4thweekofjuly]

https://news.sky.com/story/royal-mail-expected-to-cut-2-500-jobs-13595780

https://www.reuters.com/business/finance/hsbc-plans-job-cuts-across-uk-wealth-business-ai-push-ft-reports-2026-10-07/

The HSBC one seems brutal - up 70% of financial advisors being cut.

My linkedin is flooded with people leaving their jobs... and many are redudancies, rather people leaving for new jobs.
With higher mortgages rates; higher energy bills; AI; NEETs.

Don't know about HSBC but the royal mail needs a complete overhaul. It's not fit for purpose. You cannot run a business likes it's the 1970s anymore.

Is HSBC cutting elsewhere in Europe or only here?

I can't get into the links but surely there are far fewer letters delivered nowadays which doesn't necessarily mean the economy is in trouble. I'm old enough to remember large companies having post rooms with half a dozen people working in them. Who writes to a company nowadays?

Its head office roles, rather than posties

HSBC is just falling into line with all of the other banks. I was made redundant from Lloyds/halifax from this role in 2014 and my husband in 2018. They are just the last ones to do it

Do you know anyone who currently works there in Head Office / support functions? I do.

It has changed hugely and will continue to do so. It's not run like the 1970s any more.

This has more to do with the private equity buyout and improvements in technology that mean fewer people are required to do admin tasks.

20 years ago the company I work for used to receive 2 sacks of mail each day and send out at least 1 sack. Invoices, orders, statements, all are sent by Email.

There are so few letters sent that it is impossible to Royal Mail to continue to operate with as many staff. It is only a matter of time before the daily delivery service disappears and we get mail once or twice per week.

Im so worried for my children's future, the company i work for is rapidly going down the pan due to higher delivery costs, brexit and the cost of living, we had two rounds of redundancies last year and we are all waiting for the next ones to be announced as we recently lost our biggest client

It’s scary. I’ve recently retired but worry very much for my dcs futures.

It's not all doom and gloom - we just tend to only see the doom and gloom.
I read in the New Civil Engineer that the UK engineering and construction sector needs approximately 124,000 new engineers and technicians to meet the current and future demands of the sector. And I've seen colleagues moving freely between companies to follow their interests, regular pay rises to match competition, etc. It's quite a positive view currently. Of course, that can change and is often subject to the whims of government funding, but for now it's a good time to be in the industry. Touch wood! There's a lot of aging infrastructure in the UK that needs dealt with, SMRs are a hot topic, etc.