HSBC reveals 1,200 jobs are at risk

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HSBC confirmed 1,200 staff face redundancy, but it is understood even more jobs are at risk, as many staff who leave are not replaced and those on contracts are not renewed.

Derek Simpson, the joint leader of trade union Unite, also claimed that 500 jobs would be moved offshore, although the bank refused to confirm exact details.

He said: "To slash 2,900 jobs demonstrates the insincerity of the claim by HSBC to be the world's local bank.

"This decision will ravage a number of local communities as sites are closed and other work is sent abroad."

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

Managing director Paul Thurston said: "There are difficult decisions that have to be made as we adapt to a new environment and ensure we are well positioned for the future."

But Unite officials also claimed that the bank is effectively setting up a two-tier system of dealing with customers.

Premier customers will be serviced from centres in the UK, while basic and other account holders will be covered from India, said Unite.

"Customers of HSBC will be furious to learn that the company only believes you deserve to have a local banking service if you are a wealthy premier customer."