HSBC is planning to cut 3,166 jobs in the UK as it strives to reduce costs, according to the BBC.
The London-based bank said that the job losses would mostly be in its wealth management division.
The company, however, hopes to be able to redeploy about 2,000 of the staff affected by the redundancies.
The job reductions are part of the bank's three-year cost reduction programme. Some 2,200 jobs were lost in 2012.
The firm said all existing wealth advisers would be combined within the HSBC retail banking business and new roles would be added to create a diploma-qualified team of 853 people. This means the roles of commercial financial advisers will be cut and some 942 relationship managers who do not give financial advice will be cut from the team.
HSBC, which is one of the world's biggest banks, employs more than 47,000 staff in the UK.
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Brian Robertson, chief executive of HSBC Bank plc, said: "I understand change is always unsettling, particularly for those directly affected. However, I also firmly believe what we are proposing is essential in order for us to fulfil our customers' expectations.
"With the banking behaviour of our customers continually evolving we must change our business to meet their needs. We are doing everything possible to offer impacted employees opportunities from the many newly created roles, and I'm confident a significant majority will remain with the bank."
Antonio Simoes, head of the UK Bank and deputy chief executive of HSBC Bank plc said: "Better serving our customers, particularly for their wealth management needs, is essential if we are to fulfil our aspiration of becoming the world's leading international bank.
"These proposals, together with the recent removal of all sales targets for our employees and the complete decoupling of incentives from those sales, mean our customers can expect us to fully focus on serving their needs and do the right thing. Evolving and improving our culture will take time but the changes announced today are another step in the right direction."
The bank is also making changes to some roles within its commercial banking business as it looks to support growing exporting businesses. As a result the bank will be reducing the number of its business specialist roles and increasing the number of its international business managers across the country. Some other support functions will also be impacted; however, the bank said it would with the individuals concerned to help as many as possible find alternative roles within HSBC.

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