HSBC is set to axe seven jobs in Bermuda in the wake of the recent financial crisis, a Bank of Bermuda spokesperson said yesterday.

The redundancies will be made in the bank's global banking and markets business.

HSBC Holdings revealed on Friday it would be cutting 1,100 jobs worldwide, laying off four percent of its global banking and market division, with around 500 of them taking place in its operation in Britain.

Speaking on behalf of HSBC, a Bank of Bermuda spokesperson said: "We have taken these steps in the light of the current global business and economic environment and our cautious outlook for 2009.

"As always, we will continue to look for redeployment opportunities for any employees impacted by redundancy."

In Hong Kong, HSBC, which operates in Europe, Asia and the Americas, is laying-off 100 staff.

HSBC has a 335,000-strong work force globally, and so the job cuts will only hit 0.3 percent of its total employees.