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| HSBC says 1,200 workers face axe | HSBC says 1,200 workers face axe |
| (10 minutes later) | |
| Europe's biggest bank HSBC has said that 1,200 of its staff in the UK could face redundancy. | Europe's biggest bank HSBC has said that 1,200 of its staff in the UK could face redundancy. |
| The bank said the individuals who are affected by job losses are being briefed on Wednesday and will be across HSBC's operations. | |
| HSBC has not received any taxpayer support, but just approved a £12.5bn rights issue to improve its finances. | HSBC has not received any taxpayer support, but just approved a £12.5bn rights issue to improve its finances. |
| "There are difficult decisions that have to be made as we adapt to a new environment," HSBC said. | "There are difficult decisions that have to be made as we adapt to a new environment," HSBC said. |
| HSBC spokesman Tim Pie told the BBC the job cuts would be spread throughout the UK. | |
| Job cuts | |
| An operation centre in Leamington Spa, near Warwick, will lose 280 positions and a call centre in Newport, Wales, will be shut down, and about 150 jobs will be lost in London, Mr Pie said. | |
| HSBC cut about 500 jobs from its London head office in December. | |
| "The operating environment for banks in the UK is extremely challenging and will remain so for some time," HSBC UK managing director Paul Thurston said in the statement. | |
| Its rights issue, backed by shareholders last week, will be the biggest in UK corporate history. | |
| Financial firms have been cutting workers and trying to raise money as they struggle to cope with the worst financial crisis since the Great Depression in the 1930s. | |
| The Royal Bank of Scotland, which is one of several banks that have been bailed out by the UK government in exchange for stakes, has said it will cut 2,700 jobs in the UK. |