Britain’s HSBC to axe 1,100 jobs

September 26th, 2008 - 9:12 pm ICT by IANS  

London, Sep 26 (DPA) British banking giant HSBC Holdings PLC is to cut 1,100 jobs worldwide, the company said Friday, blaming the cuts on the world financial crisis.Around half of the job cuts will be in Britain, mainly at the investment banking section in London.

A company spokesperson said Europe’s largest bank by market value is reducing its workforce because of market conditions and “our cautious outlook for 2009″.

HSBC employs around 335,000 people worldwide and the job cut will only hit 0.3 percent of its total headcount. The bank announced last month that its half year profits fell 28 percent to $10.2 billion.

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