HSBC cuts 500 UK jobs

by Gill Montia

Story link: HSBC cuts 500 UK jobs

HSBC has announced that it is cutting 500 jobs in the UK, with the majority of staff affected working at locations in the London area.

The bank has been undertaking a review of its business, including mortgage subsidiary First Direct and its M&S Money operations, in a response to current economic conditions.

UK managing director, Paul Thurston, has expressed deep regret at the job losses but says the move is essential to ensure the group is best placed to deal with the downturn.

HSBC employs around 58,000 people in the UK and most of the redundancies are likely to come at its Canary Wharf headquarters. Offices in Leeds, Birmingham, Sheffield and Chester could also be affected.

However, no retail staff in direct customer contact or call centre employees will be culled.

HSBC has weathered the credit crisis far better than many of its competitors but in September the group reported it would be cutting its global workforce by 4%, in response to deteriorating market conditions.