The UK financial services sector is set to lose a further 1,150 jobs as HSBC and Credit Suisse become the latest banks to announce redundancies as a result of the slowdown in financial markets.

HSBC will cut 500 jobs across the UK from non-customer facing positions, with investment bank Credit Suisse axeing 650 staff, approximately 10% of its British workforce.

The latest round of cuts come on top of thousands of jobs which have already disappeared from the British banking sector, which is the single largest contributor to the UK’s balance of payments, accounting for 9.4% of gross domestic product in 2006. HSBC said its move followed a review of current economic conditions, but the bank stressed the cuts represented less than 1% of its 58,000-strong British workforce, with HSBC UK managing director Paul Thurston saying he deeply regretted the move.

Daily Telegraph