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HSBC warns 14,000 jobs could be cut


Banking giant HSBC has warned it could cut a further 14,000 jobs as part of a restructuring plan to reduce costs and increase profitability.

The latest round of cuts will run until 2016, and comes on top of nearly 40,000 posts that have gone since chief executive Stuart Gulliver started his role in 2011.

The bank is aiming to save another £2 billion in annual costs as tougher regulations eat into profits.

The job losses would cut the banks total headcount tobetween 240,000 and 250,000 over the next three years.

"HSBC is now simpler, easier to manage and ready and able to take of advantage of opportunities to grow," Gulliver said.

"We are confident that these measures will deliver consistent and superior financial results and move us closer to achieving our ambition of being the world's leading international bank."

Royal Bank of Scotland (RBS) has also announced job losses.

It's expected to cut 1,400 jobs from its retail banking head office over the next two years.

Most of the job losses are expected to be at RBS's offices in Edinburgh. RBS said no customer-facing staff would be affected.