LONDON - Bank reengineering efforts in Great Britain have run into political hot water, according to a recent Reuter dispatch.

The opposition Labor Party said it was "disgusting" that HSBC Holdings PLC's Midland Bank subsidiary should have announced 1,745 job losses less than a month after it reported pretax profits of about $1.44 billion.

"The Midland bank (is) showing exactly why there is no feelgood factor in the country. While profits are going through the roof, staff are heading for the (unemployment line)," said the party's employment spokesman, Ian McCartney.

"This announcement is a symbol of what is wrong with corporate Britain. It seems that helping your employer to make a profit is just as likely to lose you your job as help you keep it," he added.

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