Europe’s biggest bank, HSBC, plans to cut 1,149 jobs in the UK to in a bid to reduce operating costs and increase profitability.
HSBC employs around 47,000 people in Britain: 3,166 UK jobs will be affected by the plans, but over 2,000 of these will be redeployed. The bank has cited the changing nature of regulation, as well as changing consumer behaviour, as the cause of the cuts.
Many of the cuts will be made in wealth management, where advisers will be moved into its retail banking business. Redundancies will also affect employees in commercial banking where a number of business specialist roles will be cut.
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Find out more on the Reuters website or read more about HSBC in the news.