HSBC to cut 700 UK jobs

HSBC is to cut 700 banking jobs across the UK as it prepares for a drop in demand for financial advice due to upcoming changes in the law.

The company is reshaping its wealth management business before Retail Distribution Review rules are introduced in January 2013.

The new law will mean UK banks can no longer offer financial advice for free, so HSBC expects demand for the service to decline. However, the bank will still have 1,500 advisers across the UK.

The blow to staff comes on the day Lloyds Banking Group announced 15,000 job cuts by 2014.