HSBC plans to cut at least 500 jobs

HSBC is preparing to cut at least 500 jobs in its investment banking division as part of a savings push.

According to City A.M., a significant number of people could lose their jobs within global banking and markets, although formal numbers have yet to be announced.

It is expected that the cuts will begin to take place mid-June and continue throughout 2019, with the banking and markets division currently employing around 48,500 people.

The announcement comes amid sweeping job reductions across all divisions of the bank, and is supposedly part of a wide plan dubbed Project Oak. The project has been designed specifically to allow various branches within HSBC to transfer the immediate costs of making people redundant to the HSBC parent company, rather than bearing the burden themselves.

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