HSBC confirms 500 UK jobs to go

HSBC announced worldwide job cuts earlier this year.

Banking group HSBC has confirmed it is cutting 500 jobs across the UK.

HSBC said the move followed "a review of the business and current economic conditions". None of the affected positions are customer facing.

The announcement comes after HSBC said in September that it was cutting 1,100 jobs worldwide because of the continuing global financial turmoil.

Trade union Unite accused HSBC of "using the economic downturn as an excuse to make job losses".

HSBC said the latest job cuts represented less than 1% of its 58,000 UK workforce.

'Deeply regret'

"In the past two months we have looked hard at our business, focussing on removing duplication, managing costs and devoting resources to areas that offer the most potential for growth," said HSBC UK managing director Paul Thurston.

Unite is appalled that this news has been delivered so close to Christmas Unite joint leader Derek Simpson

"We deeply regret taking this step, but we consider it essential to ensure our business is operating as efficiently as possible and that we are best placed to deal with the economic downturn and maintain our levels of customer service."

Mr Thurston added that the firm had "a duty" to react to the changing economic environment.

Unite joint leader Derek Simpson said the union would oppose any compulsory redundancies.

"Unite is appalled that this news has been delivered so close to Christmas," he said.

"The union sees no business rationale for these job losses."

HSBC revealed earlier this month that it losses relating to the US housing market crisis reached $4.3bn (£2.7bn) between July and September.

This came on top of the $3.6bn loss in the second quarter.