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HSBC to cut 500 staff in UK
01.12.08
HSBC is cutting 500 jobs in its UK operations, with most of the posts which are being axed based in or around London.
The bank, which trades on the High Street as HSBC but also includes First Direct and M&S Money, said it had reviewed its business in the light of current economic conditions.
UK managing director Paul Thurston said: "We deeply regret taking this step, but we consider it essential to ensure our business is operating as efficiently as possible and that we are best placed to deal with the economic downturn."
Most of the cuts are likely to come in the bank's head office in Canary Wharf, or among back-office areas. No cuts are believed to be planned among customer-facing staff.
HSBC employs a total of 58,000 people in the UK.
