HSBC has confirmed it is to make a total of around 500 UK job cuts, but said that its wealth management employees would not be affected.

The announced job losses are to come from three areas: head office, personal finance and commercial banking.  The jobs to be axed will be focused on London or field-based roles, affecting employees “across the spectrum”, from senior management through to IT and administration staff. 

No retail banking or call centre staff are included in the cuts.

A spokesperson for the bank told WealthBriefing the job cuts were “essential for the ongoing strength of HSBC in the UK”, adding that they were due to the removal of duplication and inefficiencies as much as the economic downturn.

This latest round of job losses follows September’s announcement that HSBC would be cutting 1,200 jobs worldwide amid the ongoing global financial turmoil.

Derek Simpson, joint leader of the trade union Unite, criticised HSBC for making the announcement so close to Christmas, saying that the bank was using the financial crisis as an excuse for reducing its headcount.

Paul Thurston, HSBC UK managing director, 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."

Meanwhile, HSBC has yet to announce whether it is to buy back the London head office building it occupies at Canary Wharf. 

This week the bank confirmed it is in discussions with Metrovacesa after the Spanish real estate company offered to sell the building back to HSBC for £838 million ($1.28 billion), compared to the £1.09 billion it paid for the tower a year ago.

HSBC said it would make a further announcement “if and when appropriate.”