Starting a new business? Get 40% off our accountancy services for 3 months! 😎

x

HSBC is starting a new restructuring plan due to a big drop in trading volumes caused by both the eurozone crisis and the American debt stand- off. The plan will result in 10,000 job cuts to start and some analysts believe there will eventually be as many as 30,000 redundancies. Even though HSBC has made profits of £6.6Bn this year, the new plan is said to be part of chief executive Stuart Gulliver’s overhaul of operations.

In comparison, Royal Bank of Scotland and Lloyds TSB have made an estimated combined loss of £4Bn, cut tens of thousands of jobs and been saved from collapse by government money. As a result, there are concerns that the losses combined with the Independent Commission on Banking report looming could ruin government plans to sell stakes in the banks. The billions of taxpayer’s pounds which were poured into the banks to save them from ruin mean that taxpayers own 83% of RBS and 41% of Lloyds TSB. Although both banks have overcome the worst of their problems, compared to last year profits are down. The first half of 2010 showed a £1.3Bn profit for Lloyds and £9 million profit for RBS. The banks will also make known whether they have met their targets for lending as set by the Project Merlin initiative and RBS is expected to not have met these targets for their small business lending.

Barclays profits are expected to have dropped 40% to £2.4 billion this year. It too is under pressure from investors to cut jobs.

About The Author

Lee Murphy

MAAT and ICPA accountant, with a passion for making accountancy and bookkeeping accessible. Other interests include cloud-based software development for web and mobile access, keeping fit, reading, and entrepreneurship.

More posts by this author
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Read more posts...

Can My Business Pay for my Garden Office?

Long gone are the days when everyone did their 9-5 in an office an hour away from home. We’ve adapted to a…

Read More

March 2024 Client of the Month: Invisible Dragon

This month we spoke to Joe, Managing Director of Invisible Dragon!  Invisible Dragon | Twitter Hey Joe! Tell us about your business I’m…

Read More

Car and Vehicle Expenses for the Self-Employed

There are all sorts of reasons why you’d need a car or work vehicle if you’re self-employed. From tradespeople to healthcare workers,…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.

Bookkeeping

You will receive our bookkeeping software Pandle for free, as part of your package.

You can use this to complete your own bookkeeping, or we can provide a quote to complete your bookkeeping for you.

Please select and option below:

I will do my own bookkeeping
I want you to do my bookkeeping

Call us on 020 3355 4047 if you’re not sure.