HSBC plans to shed around 150 UK IT jobs as it prepares for major regulatory reforms.
The company said up to 700 jobs in total would be affected in the UK, mainly in the retail banking and wealth management divisions, as the firm prepares for the introduction of the Retail Distribution Review at the end of 2012, which will change how financial organisations charge for financial advice.
"HSBC is re-shaping its UK financial planning business so that it can continue to offer complex specialist financial advice and wealth management services to those customers who require this service," said Joe Garner, head of HSBC in the UK, in a statement.
A spokesman for HSBC confirmed as many as 150 IT jobs would be affected as the company drives "greater efficiencies" by reducing surplus IT software development roles.
"We can buy in software rather than develop it ourselves," said the spokesman.
A total of 140 IT software development roles will be cut from HSBC's services delivery function with a handful of jobs axed as part of a reduction of 100 staff across IT operations and head office HR, finance and compliance departments.
The spokesman said the reduction in IT staff is not related to a specific project and the UK will continue to be the "hub of global software development" for HSBC.
The bank's IT team makes up around 10% of HSBC's total workforce of 55,000 employees worldwide. The company plans to find as many alternative roles for affected staff members as it can.
Lloyds Banking Group announced this week it will make about 15,000 job cuts, including back office jobs, as part of an overhaul of its business following a major review.
Swiss bank UBS also plans to cut 500 technical jobs worldwide as part of an internal IT department re-organisation and outsourcing initiative.