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.
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