HSBC to cut 2,000 UK jobs

City A.M. Reporter
HSBC, Europe's biggest bank, is set to cut about 2,000 jobs in Britain as part of its drive to slash costs and boost profitability in the face of a changing banking landscape, a source told Reuters.

The cuts are part of chief executive Stuart Gulliver's global revamp to cut 30,000 jobs by the end of 2013, and to streamline the bank for changes in UK regulation, people familiar with the matter said.

HSBC declined to comment.

The bank employs about 52,000 staff in Britain, so less than five per cent of its staff will be affected by the changes, which will affect retail banking, head office functions and other areas.