HSBC is to cut about 2,000 jobs in the UK by the end of next year, according to Sky sources.
HSBC, which is Europe’s biggest bank, will make an official announcement about the job losses tomorrow.
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The move is understood to be part of a drive to slash costs and boost profitability in the face of a changing banking landscape.
Chief executive Stuart Gulliver plans to cut 30,000 jobs across all of HSBC’s global operations by the end of 2013, and to streamline the bank for changes in UK regulation.
The cuts in Britain will affect about 5% of the bank’s 52,000-strong UK workforce.
Employees in retail banking and head office functions are expected to be among those impacted by the changes.
Banks across the world are shedding thousands of staff as they try to improve profitability and cope with tougher global regulations.
In the UK, banks have been told they must separate their retail banking operations, and also need to shake-up how they sell products under a Retail Distribution Review.
Mr Gulliver wants to cut annual costs by about £2.2bn and is retreating from countries and areas where the bank lacks scale.
The plan also involves improving efficiencies across the bank.
HSBC cut almost 7,000 jobs globally last year, leaving it with about 288,000 employees at the end of December.
It cut jobs in Hong Kong, the United States, Brazil, Canada and Mexico and some head office functions in the first wave of the revamp last year.
Britain is in the second wave of countries affected.
It could cut hundreds of staff in India soon, according to local media reports.
HSBC declined to give an official comment.