HSBC is cutting 500 jobs in the UK in an attempt to cut costs amid the economic downturn.
Europe's biggest banking group is cutting one per cent of its UK workforce "following a review of the business and current economic conditions".
HSBC UK managing director Paul Thurston said: "We deeply regret taking this step, but we consider it essential to ensure our business is operating as efficiently as possible and that we are best placed to deal with the economic downturn and maintain our levels of customer service."
The jobs will not be lost in any retail customer-facing roles in branches or call centres, HSBC added.
However, trade union Unite has criticised the decision as a "disgrace".
Derek Simpson, Unite Joint General Secretary says: "Unite is appalled that this news has been delivered so close to Christmas. The union has seen no business rationale for these job losses.
"As far as we can see HSBC is simply using the economic downturn as an excuse to make job losses. The bank has again this year reported an increase in half yearly profits and continues to do very well."
Unite said it is opposed to any compulsory redundancies.
HSBC said it will assist affected staff in finding another job either within the company or externally.
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