HSBC Holdings Plc is poised to axe about 700 jobs in its UK retail bank arm, as swingeing staff cuts begin in earnest at banks across Europe stung by a limp economic recovery, trading woes and tougher regulation, the good people at HuffPo tell us..
The fresh round of layoffs, affecting Switzerland's Credit Suisse Group AG and Italy's Banco Popolare among others, is hitting investment banking divisions and branch networks after months of mounting scrutiny on costs.
Job reductions at HSBC will mainly affect retail banking, people close to the matter said on Thursday. About 460 financial advisory positions are set to go across its UK branches, one of the sources said.
Read more at http://www.huffingtonpost.com/2011/06/30/hsbc-latest-europe-bank-staff-cuts_n_887726.html
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