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PPI refunds: HSBC announces 700 job cuts

UK banking group HSBC, which has set aside funds for PPI refunds, has announced that it will cut around 700 jobs.

The job losses will come in its retail-banking operations in the UK, with around 460 staff in the financial-advice team of its retail banking and wealth-management division set to be laid off.

Furthermore, around 140 employees in its service delivery area will be fired, and 100 further jobs will be cut in its IT operations and head office.

Joe Garner, HSBC UK head, said: "The banking sector in the UK is going through fundamental change, and I firmly believe that these steps are necessary if we are to continue to keep HSBC on a firm and sustainable footing."

HSBC is attempting to pre-empt the affects of new financial regulations called the Retail Distribution Review, which are expected to result in less customers seeking financial advice from early 2013.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance ADNFCR-2776-ID-800608001-ADNFCR

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