HSBC is to cut 3,167 jobs nationwide as part of its strategy to reduce its global workforce by 30,000 by the end of 2013.
Britain's biggest bank, which currently employs 52,000 people across the country, will create 950 new positions, bringing the total number of redundancies to 2,217. The cut will mainly hit senior and middle-management positions and HSBC say no branches will close.
The news comes after it was announced that the UK has sunk into a double-dip recession.
Chief Executive Stuart Gulliver last year announced that one in 10 jobs would be lost throughout the world as part of his aims to achieve $3.5bn (£2bn) within three years to boost HSBC's return on equity to 12-15 per cent.
In a statement the bank said: "The reduction of 3,167 roles in the UK follows the group's announcement last year that by the end of 2013, there would be around 30,000 fewer roles within the bank worldwide."
The move has been attacked by the worker's trade union Unite. National Officer David Fleming said: “The hypocrisy of CEO Stuart Gulliver taking home £8m, while claiming the bank must cut thousands of staff in order to save money, will not be lost on the workforce.
7,000 HSBC jobs were lost last year as part of the same cost-cutting procedure.