1,200 jobs face axe at bank

Mar 25 2009 by Paul Gannon, Evening Gazette

BANKING giant HSBC today said 1,200 UK jobs were under threat following a review of the business.

The firm, which has around 58,000 staff in the UK, said the cuts would hit backroom areas such as IT and human resources rather than front-line employees in branches.

The job losses follow a cull of 1,100 employees at HSBC’s investment banking division - including 500 UK staff - last September. Affected staff are being briefed today.

As one of the world’s strongest banks, HSBC has not needed to call on support from the British taxpayer so far, unlike struggling rivals Lloyds Banking Group and Royal Bank of Scotland.

But earlier this month, it called on investors for a UK record £12.5bn in cash to shore up its balance sheet after heavy losses in the US.