HSBC to cut 1,700 jobs in the UK

HSBC, headquartered in London, has offices in 86 countries

UK banking giant HSBC has said it is to cut 1,700 jobs in the UK.

The job losses will come from retail banking, but will come from support services rather than branches, an HSBC spokesman told the BBC.

The company also said it would create "several hundred" new roles during the next year.

The biggest cuts will come in credit cards and collections, which will be reduced from nine regional offices to two sites in Birmingham.

HSBC employs 40,000 people in its UK retail operations, and more than 300,000 employees worldwide.

"Decisions that affect our people are always difficult, but this restructure is an essential part of the streamlining of our business," said HSBC's UK head Paul Thurston.

The bank said that HSBC branch staff were "mostly" unaffected by the cuts.