HSBC cutting1,100 jobs in investment banking ops

HONG KONG: Global bank HSBC Holdings is cutting 1,100 jobs in its investment banking operations, or 4% of the unit’s total, as it weathers the global financial crisis.

“We’re doing it because of market conditions and the economic environment, and our cautious outlook for 2009,” Hong Kong-based spokesman Gareth Hewett. “Markets continue to be challenging and difficult but our strategy leaves us well positioned for the next wave of global growth, when it comes.”