The worldwide credit crisis has hit Europe’s largest bank, HSBC Holdings PLC, which today announced plans to slash 1,100 jobs in its global banking and markets division.
The job cuts at London-based HSBC will comprise 4% of its global banking and markets division's unit and include both front- and back-office operations.
The bank will lay off 650 full-time employees and 450 temporary, or contractor, positions.
Five hundred of the cuts will be in HSBC's England offices.
"We're doing it because of market conditions and the economic environment and our cautious outlook for 2009," HSBC spokesman Gareth Hewett said in published reports.
HSBC has been hard hit by the subprime meltdown: Its net income for the first six months of 2008 was down 29% to $7.7 billion, or 65 cents a share, compared with $10.9 billion, or 95 cents a share, in the first half of 2007 (InvestmentNews, date).
An HSBC spokeswoman declined to comment.
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