The bank said the job losses were a response to a "challenging" economic environment.

Up to 232 jobs will be culled in the commercial bank, as HSBC consolidates its regional structure from nine to six regions, with a further 20 jobs being axed in Northern Ireland. The Technology Services division will also lose 58 full-time roles, principally from support functions such as post, scanning and human resources. The remaining cuts will affect head office and European IT roles based in the UK.

Labour union Unite claims the bank plans to shed 551 jobs in total, representing upwards of a third of business banking managers and staff dealing with medium scale companies.

David Fleming, Unite national officer, says: "On the day when HSBC has been fined £10.5m for giving inappropriate advice to elderly customers, it is bizarre that it would choose to make staffing cuts. Instead the bank should be working to improve the quality of its service."