HSBC yesterday slashed 1,100 jobs in its investment banking division as the financial group tightened its belt due to the slump in the financial markets.

The cuts – equal to about 4% of HSBC’s total employees in its global banking and markets division – come as investment banks around the world cut staff and trim costs in expectation of a continued slowdown in the business.

About 500 of the employees, including both front and back office staff and permanent and temporary workers, were based in London, with the majority of the remainder in Europe and the US.

Financial Times