Catherwood LibraryILR School

As financial chaos persists, HSBC bank announced a plan to cut 1,100 employees from its global operations, mostly in back room jobs. Falling profits and growing concerns for the 2009 outlook prompted the company to reduce its current workforce of approximately 335,000. Roughly half of the layoffs are set to occur in the UK, predominantly at the headquarters of the firm's investment banking division. The layoffs signal the continued pressure of market conditions on the financial sector in wake of the current credit crisis.