HSBC sharpens the axe ahead of UK retail staff cull - Reuters

HSBC sharpens the axe ahead of UK retail staff cull - Reuters

HSBC is set to slash 2000 jobs in the UK as it restructures its retail banking business in preparation for new regulations, Reuters reports.

Citing 'people familiar with the matter', the newswire says the job cuts will be announced on Thursday. The cull, which affects five percent of the bank's 52,000-strong UK staff, will hit retail banking and head office functions.

Staff working as in-branch investment advisers and back office administrators will be the main victims.

The cuts are part of chief executive Stuart Gulliver's global revamp to cut 30,000 jobs by the end of 2013, says Reuters, and to streamline the bank for new product sales rules under the forthcoming Retail Distribution Review.

HSBC cut almost 7,000 jobs globally last year, leaving it with about 288,000 employees at the end of December.

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