HSBC cuts 1100 wholesale banking jobs

HSBC cuts 1100 wholesale banking jobs

HSBC is to cut 1100 jobs at its global banking and market division in response to the current economic conditions.

The job losses - representing about four per cent of the division's staff - will be spread across the back, middle and front office.

The UK will be hit heaviest, with 500 jobs axed, mainly at the bank's Canary Wharf headquarters. Another 100 will be lost in Hong Kong with the remaining cuts spread across Europe and North America.

The bank says the move is in response to the current market conditions and economic environment and its "cautious" outlook for 2009.

The global banking and markets business saw pre-tax profits fall 35% to $2.7 billion for the first six months of the year.

Yesterday UK lender Bradford & Bingley revealed plans to axe 370 jobs - including 300 roles at a mortgage processing centre - as it looks to cut costs in the wake of the mortgage market slump.

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