British banking giant HSBC is to cut 1,100 jobs worldwide in a move it hopes will allow it to weather the storm on financial markets.
About half of the cuts, which will affect back room jobs at its global banking and markets operation, will take place in the UK.
The cuts represent around 4 per cent of the company's 335,000 strong workforce. UK staff affected are largely based in HSBC's Canary Wharf office in London, where the division is headquartered.
Last month, HSBC said half year profits fell 28% to $10.2bn (£5.2bn), as it was forced to write-off $14bn from bad debts in the US and asset write-downs.
The news follows yesterday's announcement from mortgage bank Bradford & Bingley that it was axing 370 jobs to save money.
There are also fears over thousands of UK jobs at collapsed investment bank Lehman Brothers, despite the sale of the bulk of its European operations to Japanese bank Nomura.
HSBC said it was making the cuts as a result of the tough market conditions and its cautious outlook for 2009.