HSBC to cut 500 UK jobs

The banking giant says 500 of the positions will be in the UK and will mostly affect positions at its global banking and markets operation. It follows a similar announcement yesterday by troubled lender Bradford & Bingley (B&B) which said it was cutting 370 jobs. Banks around the world have been coming under increased pressure from a global credit crunch which has gathered pace in recent weeks. In the US lenders Fannie Mae and Freddie Mac have been rescued while insurance giant AIG and investment bank Lehman Brothers filed for bankruptcy. In addition, the US government is currently ...