Reports suggest Friday that the U.K.-based banking giant HSBC Holdings plc (HBC,HSBA.L), the parent company of the HSBC Group, plans to cut about 500 jobs in the U.K., including positions at its headquarters in London. HSBC employs about 335 thousand people worldwide and 60 thousand people in the U.K.
The report further noted that the job reductions would mainly affect back-office, including clerical and computer-services staff. The official announcement related to the job cuts are expected to be made as early as next week.
HSBC Holdings, which has the biggest bank network in the Hong Kong, this month cut 500 jobs in Asia, with most them in Hong Kong. In September, HSBC cut 1,100 jobs in its global banking and markets division as the deepening financial crisis threatens to extend a decline in profit. The London-based bank last month posted its steepest profit decline since 2001 on sub-prime mortgage losses.
HSBC is adding to the about 120 thousand financial jobs lost worldwide since the global credit crisis began just over a year ago, leading to more than $520 billion of writedowns and credit losses.
HSBC was one of the first global banks to get burned by the surge in defaults on risky US home loans that ultimately evolved into a credit-market rout. The bank said in February 2007 that loan-loss provisions would exceed analyst expectations. In September last year, HSBC announced it was shutting down its Decision One sub-prime mortgage unit and eliminating 750 jobs.
HBC closed Wednesday's regular trading session at $54.82, up $2.82 on a volume of 1.37 million shares.
HSBA.L is currently trading on the LSE at 698.25 pence, down 7.50 pence or 1.06%, on a volume of 9.06 million shares.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.