29/09/2008

1,100 Jobs To Go At HSBC

The ongoing global financial crisis has claimed its latest victim - banking colossus HSBC is to slash 1,100 jobs worldwide as the economic turmoil takes a firmer grip.

Around half the redundancies will affect UK workers - with jobs going in back room operations within its banking and market sectors.

The bank employs almost 335,000 people worldwide.

The group had previously reported falling turnover for the first half this year.

Last month, HSBC said profits were down 28% to $10.2bn (£5.2bn) - forcing the bank to write-off $14bn from bad debts in the United States and asset write-downs.

During the same period, pre-tax profits dropped by 35% to $2.1bn.

According to a spokesperson for the bank, HSBC decided to cut its workforce "because of market conditions and the economic environment, and our cautious outlook for 2009".

Workers at London's Canary Wharf are most at risk - with HSBC's investment banking division the first to feel the losses.

Yesterday, mortgage lender Bradford and Bingley announced almost 400 job cuts at its mortgage-processing centre.

The lender said the move was due to "the wider economic environment and the significantly reduced volume of new mortgage applications".

Ongoing financial problems have forced governments to take international steps to boost money markets as well as bail out a number of companies.

(PR/JM)

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