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HSBC to cut more jobs

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HSBC to cut more jobs

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HSBC has announced plans to lay off 1,200 people in Britain, outsourcing some of those jobs to India.

The UK based bank said the banking industry’s operating environment is “extremely challenging” and will remain so for some time. In addition hundreds of vacant positions will not be filled and workers will not be replaced as they leave or their contracts expire. The unions said a profitable company was using the financial downturn as an excuse to make redundancies.