Banking giant HSBC is axing around 500 UK jobs - including IT positions - following a review of the "current economic conditions".

The bank plans to cut jobs from managerial positions, through to IT, support services, administration, and sales and service staff. The cuts represent less than one per cent of HSBC's 58,000 UK staff.

Paul Thurston, managing director, HSBC UK, eplained: "In the past two months we have looked hard at our business, focussing on removing duplication, managing costs and devoting resources to areas that offer the most potential for growth."

"We deeply regret taking this step, but we consider it essential to ensure our business is operating as efficiently as possible and that we are best placed to deal with the economic downturn and maintain our levels of customer service," he adds.