Update: HSBC to cut 8,000 UK jobs

HSBC has confirmed it is planning to cut up to 25,000 jobs, including 8,000 posts in the UK, to target annual savings of up to $5bn (£3.3.bn).

The UK bank has confirmed it is reshaping the business, following reports last week that it would cut 20,000 positions. The number of full-time roles which may be cut is equal to a reduction of almost 10% of the bank's 266,000 workforce, HSBC said today in a strategy update. Cuts to UK retail and investment banking staff numbers will see the number of domestic jobs drop by about 8,000 as the bank seeks to slash costs. It will target annual cost-saving initiatives of $4.5bn-$5bn by 2017. These initiatives will reduce total headcount by 22,000 to 25,000, the bank said in the inves...