HSBC jobs cull not expected to affect Ireland

Hopes have emerged that the Irish operations of HSBC will be unaffected by the bank’s plans to cut up to 50,000 jobs from its worldwide operations.

The London-headquartered international banking giant yesterday unveiled plans to exit unprofitable business lines and locations; a move set to see it cut about 50,000 jobs over the next two years made up of 20,000 direct employees and 30,000 from associate ventures.

Up to 8,000 positions are believed to be affected in the UK, where HSBC could be about to rebrand its branch network under the Midland banner and spin it off.