HSBC to cut up to 25,000 jobs worldwide, including 8,000 in the UK

”HSBC has said it will cut 8,000 jobs in the UK as part of 25,000 job losses worldwide as it looks to reduce costs.

The cuts will come from both the investment and retail sides of the banking operation and amount to about 10 per cent of the bank’s 266,000 employees.

HSBC has said it needs to slash up to $5 billion (£3.25 billion) of outgoings in the next two years. It will sell operations in Turkey and Brazil as part of the cuts.

Read more: HSBC to cut up to 25,000 jobs worldwide, including 8,000 in the UK