Aviva Plc, the second-largest U.K. insurer, said it may cut as many as 800 jobs in the country as Chairman John McFarlane scales back operations to limit the impact of further turmoil in the euro region.
HSBC Holdings Plc, Europe’s largest bank, will announce tomorrow that it will cut about 2,000 jobs in the U.K., part of its plans to eliminate 30,000 jobs worldwide, a person briefed on the matter said.
King & Wood, the Beijing-based law firm that advised on the world’s largest initial public offering, isn’t like the City or Wall Street rivals it worked with on the deal, International Managing Partner Rupert Li said.
Britain’s government will force lenders to insulate their consumer banking units by 2019 as Chancellor of the Exchequer George Osborne seeks to shield customers and taxpayers from another financial crisis.
HSBC Holdings Plc, Europe’s largest bank, will eliminate about 330 U.K. jobs, mainly in commercial lending, as it merges nine regional offices into six. The cuts are in addition to 30,000 announced in August.
The Independent Commission on Banking recommended the U.K.’s biggest banks should boost capital, implement plans for an orderly bankruptcy and erect fire breaks around their consumer units in what it called “moderate” proposals.