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Banking group HSBC has announced the slashing of 500 positions from across the UK. The announcement comes shortly after the September cuts, which eliminated 1,100 positions worldwide. HBSC says the cuts follow a review of the company and the economic situation. Managing Director Paul Thurston says, ?we have looked hard at our business, focusing on removing duplication, managing costs and devoting resources to the areas that offer the most potential for growth.? The cuts are considered an essential duty to the company, and represent less than 1% of the total HBSC workforce. Union Unite was infuriated however, and accused HSBC of using the economic downturn as an excuse to make cuts. Unite joint leader Derek Simpson sees no reason for the cuts, and is unhappy that the announcement came so close to the Christmas holidays.