Bitcoin Forum

HSBC to sack 50,000.  http://money.cnn.com/2015/06/09/investing/hsbc-job-cuts/index.html (http://money.cnn.com/2015/06/09/investing/hsbc-job-cuts/index.html)  

Get used to headlines like this, banks are going to spend the next ten years explaining why they are 'downsizing'.  The largest bank in the world - is pretty much lost for reasons why they no longer figure out ways to make money.

Good riddance.

Man, I've thought that topic was about Gavin & bitcoinXT.
How is your doubled bitcoins?

Same here!

He just tripled his Bitcoin, by also installing Electrum.

So do you think this will have any impact on bitcoins?  Personally I don't see it really effecting things.  Maybe some people will lose a little faith in banks or something but overall I believe this to have little or no impact.  Does anyone disagree?  I would be interested in your opinion.

Yes, banks are cutting expenses, no surprise there, but again how many people are involved in bitcoin and how many jobs bitcoin created? Not many I think.

I would be more concerned about this: http://money.cnn.com/2015/06/08/technology/abra-bank/?iid=EL (http://money.cnn.com/2015/06/08/technology/abra-bank/?iid=EL)

Your bank account: The next thing to go obsolete. It might finally be time to break up with your bank.  It will be huge opportunity for bitcoin.

It would be a good idea to divide your wealth.

This is the start of a trend for banks to go online. In this day and age, the concept of having a physical building with 1000's of employees has become obsolete.

Many of the things can be done online. I can have small loans approved via online banking within minutes.

I do not contribute this trend due to Bitcoin, but online banking are way more convenient.  ;D {No more queues}   

Nothing unexpected, since everything is going virtual, and there is no need for large number of personnel. Even the credit loan request is evaluated mostly by a program.
But i for one am glad they're letting go of people, since it makes they show that they care for nothing but profits, maybe now more people will realize that and try to fight them.

cheers

What is interesting is that HSBC is going to lay off 1/5 of their employees and then they're going to be that much more profitable. A lot of these employees are likely unneeded for what the company does. Other banks will follow. I barely visit my bank branch because if I ever get a check (which is rare), I just take a picture of it and voila, it's in my bank. Ally bank doesn't have branches at all. That's how you run a lean bank.

they destroyed their own ecosystem with their printing non stop, i hope they will all fail like this and people will be forced to embrace Bitcoin

apparently they did not even understand what they've done "We recognize that the world has changed and we need to change with it,"  , the world didn't changed, you changed it with your iperinflation


the future is well painted, with everything done by machine, human labor will be obsolete sooner or later, but if you think about it, going with bitcoin, while being virtual, is a thing that promote the human work and less automatization, unless everyone run a bot to spend his bitcoin instead of him..

Automatization at work. More and more jobs will keep disappearing at increasingly faster rates, and that includes banking too. The blockchain does what a ton of people working on keeping ledgers (from the actual writing, to the actual storage and guarding of the documents) can do, and a million times better.

sounds like they about to need a reason for another 2008 similar crisis.

letting go 50k a sign on someone getting a huge raise for no reason.

At the end of the day, they still rich as hell and have no feeling towards the 50k layoff.

Despite the news of lay offs, they still are the 1% that hold 90% of our worthless paper dollars. But the comments above with banks moving online, has been going on its just some are more considering it.

I wouldn't read too much into this. They are simply shedding some dead weight by getting rid of unprofitable divisions. It's actually a good sign (for HSBC stockholders) and should make the company stronger. It's definately not a sign of the end of the banking industry. Banks went through much worse in 2008 and the ones who survived emerged stronger.

It may have an effect people will diversify their money, like some % of their saving will be stashed in BTC while the other remaining funds will be stashed to another..

That's true the situation in 2008 was horrible across the globe as all the countries were hit by recession and there were many companies including banks who got rid of unprofitable divisions and also the non performers who were asked to resign on the spot and it is in the benefit of the company itself so its not an end of banking industry.

Yeah, but its not just the banks that allowed to make a ton of money.

Its also those credit agencies that allowed those grades to pass on being acceptable to normal investors. So those agencies are a huge important part to the banks scheme.

Thus a reason to turn in to Cryptocurrencies.

Next banking crisis will likely be harder than 2008, especially considering that China isn't growing as fast as it did during the past 15 years.   I question if people will flock to BTC when this happens, I have no idea. I do think that some will, but some will also sell their BTC because they too will be affected either by being laid off or losing their savings in bail-ins.

I am wondering what the customers would do after heard the news. I think it is the best time to invest their money instead of saving it.

well some 100 years ago man working in a factory were 200 now machines do the same things as 190 mans soo there is 10 person that manage the machines,called progress... the same with banks as any other company.... if they can reduce the bill they will soo the problem of the countrys didnt started yet is just showing the finger.... the storm.... will come on the next years....and wont be just europe all countries will face the problem....