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HSBC bank to axe 500 jobs

About 500 UK jobs are being axed at HSBC as part of a worldwide cull within its investment banking division.

The UK's biggest bank is cutting about 1,100 posts across its global banking and markets division - 4% of the operation's total workforce - as it comes under pressure amid the credit crisis.

UK staff affected are largely based in HSBC's Canary Wharf office in London, where the division is headquartered.