HSBC announces 500 job cuts

Joint general secretary at Unite Derek Simpson said: "Unite is appalled that this news has been delivered so close to Christmas.

"The union has seen no business rationale for these job losses. As far as we can see, HSBC is simply using the economic downturn as an excuse to make job losses."

All roles affected are in head office and operations, meaning some regional offices will be hit.

However, the vast majority is likely to impact at the Canary Wharf base.

No customer-facing or call centre staff will be affected.

HSBC managing director Paul Thurston said: "As you would expect of any successful organisation, we continually review our business to ensure it is operating efficiently.

"In the past two months we have looked hard at our business, focusing on removing duplication, managing costs and devoting resources to areas that offer the most potential for growth.

"The environment in which we operate changes constantly and HSBC has a duty to our customers, shareholders and staff to ensure that our organisation reflects and reacts to these changes.

"We deeply regret taking this step, but we consider it essential to ensure our business is operating as efficiently as possible and that we are best placed to deal with the economic downturn and maintain our levels of customer service."

HSBC said it would support staff to help them find alternative roles, either within the group or outside.

It follows a previous announcement in September, when the bank revealed it was shedding 550 positions, with 450 of them being contractors and temporary staff.