Banking giant HSBC is to cut around 1,100 jobs as part of a worldwide move within its investment banking division.
The UK's biggest bank is cutting the posts across its global banking and markets division - 4% of the operation's total workforce - as it comes under pressure amid the credit crisis.
UK staff affected are largely based in HSBC's Canary Wharf office in London, where the division is headquartered.
HSBC said it was making the cuts as a result of the tough market conditions and its cautious outlook for 2009.
The group's investment banking division was hit by $3.9 billion in write-downs from mortgage-backed investments affected by the credit crunch in the first six months of the year alone. Its first-half pre-tax profits plunged by 28% to $10.25 billion.
