It has been reported that HSBC will be cutting more than 1,100 jobs in Britain in their latest round of redundancies.

The cuts are part of CEO Stuart Gulliver’s three year plan to cut costs, lift returns and focus on profitable areas.

HSBC expect 3,166 jobs to be affected although the bank aims to redeploy over 2,000 staff and cut around 1,100 UK staff members.

The cuts are expected to come largely from wealth management and relationship management. The cuts will also include commercial banking financial advisor positions.

Since taking the position in early 2011, Stuart Gulliver has cut 34,500 jobs globally, cutting the company’s costs by over £2bn.

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