HSBC Holdings PLC (NYSE: HBC) says it is cutting 1,700 positions from its British work force, according to Associated Press.
The bank says the biggest cuts will come in its credit card and collections operation, which will be reduced from nine regional offices to two sites in Birmingham.
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Further losses are expected to occur among branch network back office staff across the country.
Unite, the U.K.'s largest trade union, says it is appalled by the decision. It says that the new cutbacks bring the total number of job losses this year to 4,600.
Unite national officer, Rob MacGregor, says in a statement that many of those told that they will lose their jobs are low-paid workers.
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