Job cuts hit hard in lending and mortgage industry

HSBC said it will also sell, shut or slim down retail operations in 39 markets, where operations are sub-scale and unprofitable and is looking to sell its U.S. credit card arm and shrink its network of 475 U.S. branches.

HSBC’s move would be the latest in a wave of cuts announced by the global financial industry, which has been hit by market volatility and lackluster profits. Swiss bank Credit Suisse said Thursday it would cut about 2,000 jobs.

Standard Chartered, Lloyds, Goldman Sachs and UBS are among banks that have announced job cuts in recent months, hit by rising costs and weak revenue growth.

State Street Corp, one of the world’s biggest institutional investors, said earlier this month it would eliminate as many 850 jobs from its technology unit as it tries to curb costs.

HSBC has already cut 700 jobs in its UK retail banking arm in June this year out of its staff of 55,000 in the country, one of many banks that have said they will cull jobs to save costs as lenders grapple with off a limp economic recovery.