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35,000 jobs are set to be lost as HSBC, the world’s biggest bank, goes ahead with severe cuts that were put on hold due to the coronavirus pandemic.

HSBC, which has big new offices in Sheffield, made the announcement to its 235,000 staff around the globe in a memo seen by the BBC and has since been confirmed by the bank.

The plan had originally been announced in February however the cuts were delayed due to the coronavirus pandemic.

Interim chief executive Noel Quinn said the workforce will reduce from 235,000 to 200,000 over the next three years – a reduction of almost 15 per cent.

35,000 jobs to be lost as HSBC presses on with cuts