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HSBC announce 500 job cuts

In a move which has been labelled disgraceful by the unions, it has been revealed that HSBC is to axe 500 employees in the run-up and Christmas. The move had been widely expected in financial circles but the timing of the announcement has attracted much criticism from a number of parties. The unions believe there is no business reason for the job cuts but HSBC has highlighted the fragile nature of the UK market and a substantial reduction in transaction levels of late.

The worrying element is the fact that HSBC has been one of the better performing banks over the last few months and if they are struggling then the rest must surly be looking to cut jobs as well. The New Year could see tens of thousands of jobs at risk at the merged Lloyds TSB and HBOS group as well as other banking groups who will be looking to reduce their costs in due course.

While the timing may well be unfortunate for many, there is no escaping the fact that the UK economy has slowed substantially and business levels in the financial sector are a fraction of what they were 12 months ago.

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