1,700 HSBC jobs set to be axed

HSBC said it would cut around 1,700 posts from its UK workforce

The jobs cull in the banking sector continued when HSBC said it would cut around 1,700 posts from its UK workforce.

The bank said the biggest cuts will come in its credit card and collections operation, which will be reduced from nine regional offices to two sites in Birmingham.

Further losses will occur among branch network back office staff in the UK.

HSBC declined to provide location details for those offices set to close. The bank said a number of additional jobs would be created in the Birmingham offices.

HSBC's announcement comes after Royal Bank of Scotland revealed plans to cut 3,700 jobs across its UK branch network.

Unite said the cuts would be centred on HSBC sites in Southampton, Southend, Leicester and Sheffield and would bring the total number of job losses at the bank to 4,600 so far this year.

National officer Rob MacGregor described the move as a "fundamental mistake". "The union does not believe this will do anything to improve the company's future performance," he said. "HSBC should think again before cutting its skilled and dedicated workers."

He said many of the staff affected earned as little as £14,000 per year.