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HSBC says 1,200 workers face axe HSBC says 1,200 workers face axe
(20 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 up to 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. The bank said the individuals who could be affected by job losses are being briefed on Wednesday.
HSBC has not received any taxpayer support, but just approved a £12.5bn rights issue to improve its finances. HSBC has not received taxpayer support amid the financial crisis, but just approved a £12.5bn ($18.3bn) rights issue to strengthen its finances.
"There are difficult decisions that have to be made as we adapt to a new environment," HSBC said. At least a third of the staff cuts will come from back office operations such as call centres, a spokesman said.
HSBC spokesman Tim Pie told the BBC the job cuts would be spread throughout the UK. 'Difficult decisions'
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, HSBC spokesman Tim Pie said.
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.
BBC News is tracking where jobs have been created and lost around the UK BBC UK jobs tracker
HSBC cut about 500 jobs from its London head office in December.HSBC cut about 500 jobs from its London head office in December.
BBC News is tracking where jobs have been created and lost around the UK BBC UK jobs tracker
"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."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.
"There are difficult decisions that have to be made as we adapt to a new environment," Mr Thurston said.
Its rights issue, backed by shareholders last week, will be the biggest in UK corporate history.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. Job cuts
Financial firms have been cutting workers and trying to raise money as they struggle to cope with the worst 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.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.
In January, Barclays cut 4,200 jobs from its UK banking business, with half coming from back office operations and the other half coming from its fund management, private banking and investment banking units.
Insurers Royal Sun Alliance, Legal & General and Standard Life have all said they will cut jobs.