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HSBC will be making 1 100 job cuts worldwide, with over 500 from the UK in its global banking and markets operation. HSBC employs about 335,000 people around the world.HSBC have blamed market conditions and the economic environment, and a cautious outlook for 2009, for the reason for the job cuts. This cost reduction effort has came after it last month announced half year profits fell 28% to $10.2bn, as it wrote-off $14bn of bad debts and write-downs. Many of the redundancies will be at HSBC's investment banking division, located in London's Canary Wharf.
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