HSBC is axing around 500 US jobs in credit card customer service and collections, according to press reports.
The UK-based bank will discontinue the work at its Delaware centre by the middle of this year. Around 700 staff will remain at the site working on insurance underwriting and customer service.
A bank spokesman told Reuters that the decision was part of efforts to "balance customer service and business support needs with staffing levels".
American Express has also just outlined plans to cut its workforce by around 550 positions as part of a move to "consolidate locations" within its global servicing network.
HSBC cuts 500 U.S. jobs, pares credit card work - Reuters