HSBC is cutting more than 2,200 senior and middle management jobs in Britain as part of its drive to slash costs and boost profitability.
Nearly 3,200 jobs will be affected, although almost 1,000 of those employees will be redeployed to other jobs. The net job loss is projected at 2,217, according to HSBC.
A first round of layoffs - part of CEO Stuart Gulliver's plan to shed 30,000 jobs globally by the end of 2013 - cut an estimated 7,000 staff in 2011. That left HSBC with some 288,000 employees at the end of December, including 52,000 in Britain. HSBC also recently announced job cuts in Canada (
The redundancies will mainly affect HSBC's retail bank, plus head office functions and some other areas.
HSBC reported it was targeting "unnecessary bureaucracy" and reducing layers of management. Gulliver has also said he wants to streamline the bank for changes in British regulation.
About a quarter of the staff cuts are related to the impact on business from the Retail Distribution Review - a change to the way banks charge retail clients from next year - HSBC said.
Few customer-facing employees would be cut and that its UK retail branch network would be "largely unaffected".
