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HSBC job cuts

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HSBC job cuts

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Europe’s largest bank HSBC is cutting 1,100 people from its investment banking operation worldwide and 800 of the layoffs will be Europe, particularly Britain.

The bank said the move is because of market conditions, the economic environment and HSBC’s cautious outlook for next year.

The credit crisis has badly hit HSBC which owns the biggest US subprime mortgage lender Household International.