HSBC is to shed another 4 per cent of its UK workforce as pressure mounts across the banking industry to cut costs.

The global bank said it would cut about 1,700 jobs in back-office functions, affecting mainly collections and credit card operations, in the next 12 to 18 months. The jobs would mostly be lost from regional centres in southern England. It also aims to add 400 to 500 jobs in Birmingham in that time.