UK
09/06/2015 11:47 BST | Updated 09/06/2015 11:59 BST

HSBC Job Losses Spark Outpouring Of Anger Against Troubled Bank

HSBC announced on Tuesday it is to axe up to 8,000 jobs in the UK as it seeks to restructure its global operations.

Europe's biggest bank will focus on the faster-growing markets of Asia and will cut investment operations.

Up to 25,000 jobs worldwide - nearly 10% of its total workforce - could go.

HSBC - which employs around 48,000 of its 258,000 staff in the UK - added that its UK retail bank which is being relocated from London to Birmingham by 2019 amid regulatory ''ringfencing'' rules, will operate under a new brand name that is yet to be decided on.

The group also delivered a blow to customers by announcing aims to trim its worldwide network of branches by 12%, with the UK being one of seven regions to be impacted.

HSBC's reputation has already taken a number of severe blows in recent times, most recently in relation to money laundering allegations at its Swiss private bank.

The news that the bank is looking to cut UK jobs in an effort to boost profits has not gone down well.

In 2012 HSBC payed a fine of $1.9 billion (£1.2 billion) to settle allegations it allowed terrorists and Mexican drug traffickers to move money.

HSBC has declined to give further details for UK branch closures but the bank also has plans to sell off operations in Turkey and Brazil.

The update comes as HSBC is also in the spotlight after last week being hit with a 40 million Swiss francs (£28 million) fine to settle an investigation by prosecutors in Geneva into alleged aggravated money laundering.

Authorities raided the premises of the group's controversial Swiss private bank in February, following allegations that it helped to hide millions of dollars for arms dealers while helping others avoid taxes.

The investigation came about after an ex-employee leaked a list of thousands of suspected tax evaders to French authorities in 2008.

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