HSBC axes 500 jobs

The bank, one of the world's largest, is cutting more than 1,000 jobs worldwide, but the UK will be hardest hit. Less than 2% of HSBC's global workforce of 58,000 will go, but the Unite union says there is no business rationale for the cuts. HSBC says it is taking the steps to remove duplication, manage costs and focus on areas with growth potential. It adds the steps are essential to ensure the business operates efficiently and is well placed to weather the financial crisis and economic downturn. Contact: John Bakie, Tel: 020 7484 9805, e-mail: [email protected] IFAonline