HSBC has announced it is to cut 700 UK jobs.100 of the roles are being cut are in IT operations and back office functions such as HR, finance and compliance.

The majority of the cuts - 460 roles - will be made from the financial advice team in retail banking and wealth management. The roles represent 1% of HSBCs total UK workforce.

The bank is reorganising in light of the Retail Distribution Review at the end of 2012, which is said to “fundamentally alter” the way that financial institutions provide and are remunerated for financial advice.