City ‘safe’ from HSBC jobs axe

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Banking giant HSBC is to axe up to 30,000 jobs in the next two years, but says UK operations - including IT and other functions in Sheffield - should escape largely unscathed.

HSBC employs around 335,000 people worldwide and 52,000 in the UK.

An HSBC spokesman told The Star: “From a UK point of view, we don’t expect to see any dramatic change in staff levels beyond that which has already been announced.”

HSBC announced 5,000 redundancies earlier this year, around 700 in the UK, largely as a result of new laws on selling financial services.

The Bank says the additional 25,000 jobs will mainly be lost abroad, as it pulls out of 20 of the 86 countries where it currently has a presence.

HSBC also plans to sell off its US credit card operations.

News of the cuts came as the bank announced a three per cent increase in profits in the six months to the end of June to £7 billion.

UK profits rose by 29 per cent to £843 million.