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HSBC axes further 1,149 UK jobs to cut costs

HSBC is cutting a further 1,149 jobs in the UK as bank of its three-year cost-cutting plan.

HSBC is cutting a further 1,149 jobs in the UK as bank of its three-year cost-cutting plan.

The redundancies come on top of a 2,200 cull a year ago at the bank's UK operations.

The bank, which employs just over 47,000 employees in Britain, said 3,166 positions would be affected.

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However, just over 2,000 will be redeployed, resulting in 1,149 job losses.

HSBC's wealth management division will take the biggest hit as the company begins to move advisors to its consumer retail banking business in June.

"I understand change is always unsettling, particularly for those directly affected," said head of HSBC Bank, Brian Robertson.

"However, I also firmly believe what we are proposing is essential in order for us to fulfil our customers' expectations.

"With the banking behaviour of our customers continually evolving we must change our business to meet their needs."

He also said he was confident a significant majority would keep their jobs while those affected by the cuts would be offered new roles where possible.

RD

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