Category Archives: HSBC

Barclays, HSBC and Lloyds among UK banks that had links to slavery

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Many bank directors received compensation after slavery was made illegal in 1833

The slave trade was abolished in the British Empire in 1807 but it was not until 1833 that the Slavery Abolition Act finally banned the ownership of other human beings. However, 46,000 slave owners continued to benefit financially as the subsequent Slave Compensation Act provided £20m in payments – a sum worth billions in 2020 terms. Despite the name of the act, the former slaves were not compensated.

University College London’s Legacies of British Slave Ownership project shows that 10% to 20% of Britain’s wealthy can be identified as having had significant links to slavery. The amount of money borrowed to pay off slave owners was so large that the government only repaid it fully in 2015. Companies with links to slavery in their past include:

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HSBC to cut 35,000 jobs worldwide as profits plunge

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Bank warns of ‘meaningful’ job losses in UK and of impact of coronavirus outbreak in Asia

HSBC has said it will slash 35,000 jobs over three years as part of a major shake-up as it issued a warning over the impact of the coronavirus outbreak in Asia.

The interim chief executive, Noel Quinn, confirmed on Tuesday that plans to cut $4.5bn (£3.5bn) worth of costs would involve slashing about 15% of the group’s global workforce. “We would expect our headcount to decrease from the current level of 235,000 to be closer to 200,000 in 2022,” Quinn said.

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Protesters who demanded Huawei CFO’s release revealed to be paid actors

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More than a dozen people outside Vancouver courtroom with ‘Free Meng’ signs were promised C$100 for two hours’ work on a movie

Protesters calling for the release of a senior Chinese telecommunications executive arrested in Canada have admitted they were paid actors, in the latest twist in a closely watched extradition case that has chilled relations between Ottawa and Beijing.

More than a dozen people joined a demonstration on Monday outside a Vancouver courtroom where the Huawei executive Meng Wanzhou is fighting extradition to the US for alleged fraud related to sanctions against Iran.

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HSBC plans to cut 10,000 more jobs worldwide, says report

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Bank forced to shed jobs due to low interest ratess, Brexit and global tariff wars

HSBC plans to lay off up to 10,000 staff, more than 4% of its global workforce, as it embarks on a fresh cost-cutting drive, according to reports.

The cuts will affect mostly high-paid roles and come as the UK-based bank grapples with falling interest rates, Brexit and global tariff wars, the Financial Times reported. HSBC declined to comment.

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Ex-Unilever boss seeks ‘heroic CEOs’ to tackle climate change and inequality

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Paul Polman also supports Bank of England-backed group promoting disability rights

The former boss of Unilever is seeking a team of “heroic chief executives” to drive a shift to a low-carbon, more inclusive way of doing business.

Paul Polman, who stepped down from the Anglo-Dutch owner of Marmite and Dove in November last year after a decade at the helm, warns that the rise of populism and Brexit are symptoms of capitalism’s failure to adapt. Bosses, he insists, must commit to fighting inequality and tackling the climate emergency.

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