HSBC to axe 8,000 UK jobs

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HSBC has confirmed plans to cut up to 25,000 jobs as part of a restructure of the business, including up to 8,000 roles in the UK.

The total cuts exceed reports from last weekend, when it was suggested redundancies would reach 20,000, and represent a reduction of more than 10 per cent in the bank’s total headcount.

The cuts come as HSBC also announces plans to exit operations in Turkey and Brazil, with annual cost saving targets of up to $5bn by 2017.

In contrast, the bank plans to increase investments in China, expanding its asset management and insurance businesses, in particular.

HSBC admits it is weighing a decision to relocate its global headquarters away from the UK, with Hong Kong mooted as one potential destination, although it says it is yet to make a decision, with formal review expected to finish expected by the end of the year.

In a statement to shareholders, HSBC chief executive Stuart Gulliver says: “We recognise that the world has changed and we need to change with it”

He adds: “The world is increasingly connected, with Asia expected to show high growth and become the centre of global trade over the next decade. I am confident that our actions will allow us to capture expected future growth opportunities and deliver further value to shareholders.”