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HSBC, who is Europe’s biggest bank, plans to cut 8,000 jobs in the UK because it wants to reduce costs. Job cuts will be made in both its retail and banking operations and so the 48,000 UK workers who are already at the bank could be at risk. News has it that the job cuts are because HSBC is attempting to simplify its business.

In terms of the matter on a global scale, a total of 25,000 jobs could be cut, which means that around 10% of HSBC’s 266,000 workers will have to leave their job. The bank said on Tuesday that it would sell businesses in Turkey and Brazil.

The bank will rebrand its UK High Street branches but has not decided upon a new name yet. There are several options, which include reviving the Midland Bank brand, which it bought in 1992 or alternatively, taking the name of its UK online bank called First Direct.

Stuart Gulliver first took up the role of Group Chief Executive of HSBC in 2011 and will give a presentation to investors and analysts. This will be his second major strategy plan since he first started. The 10-point plan hopes to cut costs by up to $5, which is £3.25 billion, and also increase investment in Asia. This aims to invest mostly into China. Gulliver has guaranteed that he wanted to make sure that customers made a distinction between HSBCs investment and retail banking operations. From this, the new government has forced the bank to formally separate the two businesses because of new rules.

HSBC’s Hong Kong-listed shares remain down 9% over the last 12 months, however shares did rise almost 1% once the announcement had been made. By the end of the year, HSBC will have made a decision on whether to move its headquarters out of the UK. In addition to this, since it announced the review in April, rumour has it that the British bank may relocate its headquarters to Hong Kong.

The Confederation of British Industry (CBI) has cut its growth forecast for the UK economy and has warned of further risks posed by the end of the Greek crisis and uncertainty about the EU referendum.

CBI predicts growth of 2.4% and 2.5% in 2015 and 2016. This is down from 2.7% and 2.6%, which were the forecasts made in February. The decision to lower the expected growth is in line with other organisations that have revised figures, one being the Bank of England who recently revised its growth forecasts to be lower.

The blame was pointed towards the weaker-than-expected growth in the first quarter and the 0.3% expansion marked the UK’s weakest growth since the end of 2012. The CBI stated that if productivity continues to be weak, it could pose a threat to the UK economy. It also warned that the uncertainty over the EU referendum’s outcome meant that investment spending could also be delayed.

It is possible that this may not be a trend but a blip because it mostly reflects a sharp slowdown in Britain’s official economic growth rate in the first three months of this year and the employers’ group wants the government to stick to its plan to fix the public finances.

John Cridland, who is the CBI director-general, continues to feel confident that the UK economic recovery was on track and as a result of this, UK employers were feeling positive.

However, the CBI forecast came as the accountancy firm and services group BDO said that UK manufacturing firms’ confidence had dropped at its highest rate in two years. In addition to this, its monthly manufacturing optimism index, which is based on the UK’s main business surveys, had also seen a four-point drop. This is its biggest drop since March 2013. Low oil and gas prices had curbed investment in the sector and therefore slowed orders for manufacturing firms and a combination of the strong pound and a weak Eurozone hit exports, said BDO.