HSBC to axe more than 500 UK jobs

Banking giant HSBC is to axe more than 500 jobs in the UK, Unite has announced.

The union attacked the announcement, which comes weeks before Christmas, as a "disgrace".

Joint leader Derek Simpson said: "Unite is appalled that this news has been delivered so close to Christmas.

"The union has seen no business rationale for these job losses. As far as we can see, HSBC is simply using the economic downturn as an excuse to make job losses."

Unite said the bank had reported an increase in half-yearly profits recently and continued to do "very well".

It said it would oppose any compulsory redundancies.

© Independent Television News Limited 2008. All rights reserved.

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