HSBC plans to cut 8,000 jobs in the UK in savings drive

Updated: 00:00 GMT, Jan 1, 1970 | Published: 08:17 GMT, Jun 9, 2015 |

HSBC, Europe’s biggest bank, is planning to cut 8,000 jobs in the UK as it tries to reduce costs and simplify its business.

The bank has 48,000 UK workers and will make cuts in both its retail and investment banking operations.

A total of 25,000 jobs could be axed globally, meaning close to 10% of HSBC’s 266,000 workers will go.

The bank will also ‘ringfence’ its UK operations and sell businesses in Turkey and Brazil, it said on Tuesday.