HSBC to cut 2,000 UK jobs - reports

HSBC is to cut 2,000 jobs in the UK by the end of next year as part of its cost-cutting drive, according to reports.

The bank will reduce its 52,000 UK headcount down to 50,000, Reuters reports, citing a source familiar with the matter. The cuts would come as part of chief executive Stuart Gulliver's global drive to cut 30,000 jobs by the end of 2013 in order to boost profitability. Gulliver plans to cut annual costs by up to $3.5bn and has targeted a 12% return on equity by the end of next year, up from 10.9% in 2011. Last year HSBC cut almost 7,000 roles across its global operations, bringing overall headcount down to roughly 288,000, according to Reuters. HSBC declined to comment on the rep...