Tens of thousands of jobs are to be axed globally by HSBC, it was announced yesterday.

However, what impact those cuts will have on the bank’s operations in Bermuda, if any, is not known. A spokeswoman for HSBC Bermuda said the bank had no comment at this stage.

The London-based bank, Europe’s largest by market value, said it will cut up to 25,000 jobs around the world as it seeks to reduce costs and increase its focus on fast-growing Asian economies. The move was characterised as a “redeployment of resources” during an announcement in London by HSBC’s chief executive officer Stuart Gulliver.