HSBC to axe over 1000 jobs
HSBC has announced that it is to cut 1,100 jobs worldwide with around half of the job losses to take place in its UK based global banking and markets operation in Canary Wharf.
The banking giant has seen its half-year profits fall nearly 30% to £5.2 billion as the company was forced to write-off $14 billion from bad debts and asset write-downs in America.
An HSBC spokesman said the firm had opted to reduce its workforce, “because of market conditions and the economic environment, and our cautious outlook for 2009.”
Numerous financial institutions are coming under increased pressure due to the credit crunch, with the UK government stepping in to buy Northern Rock and the US government rescuing Fannie Mae and Freddie Mac.
