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HSBC to cut UK computer services jobs - report

28 November 2008  |  8495 views  |  0 HSBC logo web screen shot

Banking giant HSBC is set to axe around 500 UK jobs, including computer services and clerical positions, according to a Bloomberg report.

Citing sources familiar with the matter, Bloomberg says some of the jobs will go from HSBC's Canary Wharf headquarters. The bank has refused to comment on the report but a formal announcement on the cuts may come next week.

In September HSBC, said tough economic conditions would lead to 1100 jobs being cut at its global banking and market division, with 500 jobs going in the UK, mainly at Canary Wharf.

Separately, troubled Spanish property company Metrovacesa says it will offer HSBC the opportunity to buy back the Canary Wharf HQ for £838 million.

The deal would represent a massive loss on the £1.09 billion Metrovacesa paid for the building last year before leasing it back to HSBC.

The offer comes after Metrovacesa failed to refinance a £810 million loan with HSBC on the building.

HSBC Said to Eliminate About 500 Jobs in the UK - Bloomberg

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