HSBC to cut 700 UK retail banking jobs

HSBC Holdings is to cut about 700 jobs in its UK retail banking arm, people familiar with the matter said on Thursday.

The job cuts will include about 460 advisory positions across its UK branches, one of the sources said. The move comes prior to the implementation of the Retail Distribution Review rules, expected in January 2013, that will affect how UK banks offer advice.

HSBC declined to comment. The bank employs 55,000 staff in the UK.

Rival Lloyds said on Thursday it was cutting 15,000 jobs.

Source: Business Standard