HSBC Holdings is set to cut 2,000 jobs in the UK, as the lender looks to slim down its operations ahead of a slew of UK regulatory changes that are slated to come into force in the coming months, a person familiar with the matter told the NY Post.
The cuts mainly affect back-office functions in the group's retail banking arm and are part of the 30,000 job reductions that HSBC CEO Stuart Gulliver announced last year, this person said. HSBC currently employs 52,000 people in the UK.
Like other UK-based banks, HSBC is bracing for regulatory upheaval in the coming year. In June, the UK government is expected to detail rules requiring lenders to segregate, or "ring-fence," their retail activities from riskier investment-banking businesses in order to better protect depositors.