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Birmingham HSBC jobs boost still on despite major cuts

The bank said it was planning a reduction of around 10 per cent of its full-time workforce - but is ploughing on with shifting its º£½ÇÊÓÆµ bank to the city

HSBC is making job cuts(Image: Joe Giddens/PA Wire)

Banking giant is to cut between 22,000 and 25,000 jobs globally – including a reported 8,000 in the º£½ÇÊÓÆµ – as part of an overhaul to slash costs and reshape the business.

The bank said it was planning a reduction of around 10 per cent of its full-time workforce.

It is thought 8,000 jobs could be impacted in the º£½ÇÊÓÆµ, where HSBC has around 48,000 employees.

However, it will not impact on its plans to by 2018, which will bring at least 1,000 jobs to the city.

HSBC has bought the new headquarters of its business, personal and retail office at Arena Central and is .

However, in the meantime there are some harsh cuts planned to the global operations including selling its businesses in Turkey and Brazil, which will see its workforce reduce by around another 25,000.

It comes as the bank seeks to deliver annual cost savings of around £2.9 billion to £3.3 billion by the end of 2017.

HSBC considering moving its global headquarters, which presently remains in London, and is undertaking a review into it by the end of the year.