HSBC warns of widespread redundancies

UK banking giant HSBC today said 1,200 UK jobs were under threat following a review of the business.

The firm, which has around 58,000 staff in the UK, said the cuts would hit backroom areas such as IT and human resources rather than front-line employees in branches.

Managing director Paul Thurston said: “There are difficult decisions that have to be made as we adapt to a new environment and ensure we are well positioned for the future.”