HSBC axing 1,700 jobs

3rd Nov 2009 14:36

HSBC is slashing about 1,700 jobs in the UK, mostly among back office staff rather than at its branches.Reports suggest the banking giant will cut most positions at credit cards and collections, reducing the business from nine regional offices to two sites in Birmingham.The company hasn't taken any government bailout cash during the recession, but did receive £12bn from shareholders through one of the biggest ever rights issues.Today's news follows confirmation from Royal Bank of Scotland yesterday that 3,700 jobs would go at its UK branch network. In September, HSBC said it is flying its boss out to Hong Kong where he'll stay and lead the banking titan's increasing focus on emerging markets. Chief executive Michael Geoghegan will relocate from London at the start of February next year, although HSBC Holdings will remain domiciled in the UK.