LONDON, June 17 (UPI) -- Banking giant HSBC plans to eliminate up to 3,500 jobs in Britain to cut bureaucracy and streamline costs.
The company said it wants to "refocus the retail bank on the changing needs of the customer.".
The company said most of the cuts would be at its Canary Wharf head office in London or in the support and processing areas, CNN reported Thursday.
The bank also said it plans to create up to 1,000 "customer-facing jobs" at its branches across Britain.
"We must make decisions now, however difficult, to manage for the future." HSBC CEO Michael Geoghegan said in a written statement.
HSBC said its British operations represent 25 percent of its profits worldwide and 25 percent of its staff -- but 33 percent of its costs and 30 percent of its salary expenses.
