HSBC to confirm 10,000 job losses in UK today

HSBC will confirm 10,000 job losses as it announces its interim results in the UK today, it was reported last night.

The banking giant is expected to reveal disappointing figures for the six months to June 30 this year.

Planned job losses have been speculated widely and last night it was reported that HSBC is to confirm it is cutting at least 10,000 jobs.

An HSBC spokesman said the group was declining to comment on the reports.

The bank starts the results season today, which is expected to provide a snapshot of a gruelling start to 2011.

Barclays, Lloyds Banking Group and Royal Bank of Scotland are all also expected to reveal a drop in profits in their interim updates over the next week.

HSBC is anticipated to report pre-tax profits of $10.9 billion (£6.7 billion) for the period, down from $11.1 billion (£7 billion).

The main focus is likely to be on progress with cost-cutting after boss Stuart Gulliver unveiled a multibillion-dollar savings programme earlier this year.

The payment protection insurance (PPI) mis-selling scandal; planned ringfencing of retail banking operations as proposed by the Independent Commission on Banking; and a volatile global economic climate have all affected the accounts of the four lenders.

Taxpayer-backed Lloyds and RBS have seen their shares plunge 30 per cent and 17 per cent respectively in the last six months alone, while Barclays’ shares have plummeted 26 per cent and HSBC has lost 14 per cent.

Barclays, which reports tomorrow, is expected to reveal a 24 per cent drop in reported profits to £1.8 billion, according to broker Seymour Pierce.

Taxpayer-backed Lloyds Banking Group is expected to report pre-tax profits of £1 billion on Thursday, a steep reduction on the £1.6 billion reported a year earlier.

Royal Bank of Scotland closes the week with its results on Friday, which are expected to reveal £611 million in reported profits, down 19 per cent on the previous year, Seymour Pierce said.