HSBC to axe up to 25,000 jobs globally in savings drive

HSBC is planning to cut up to 25,000 jobs globally - or nearly 10% of its workforce - as it tries to reduce costs and simplify its business.

The cuts, which include 8,000 UK posts, will affect both the retail banking operations and the investment bank.

The bank will also 'ringfence' its UK operations and sell businesses in Turkey and Brazil, it said on Tuesday.

Kamal Ahmed reports.