The HSBC seems to have fallen out of love with the UK banking environment, with the threat of moving the head office from the UK to Hong Kong ever present. The bank levy hasn't helped at all and the bank is anxious to show a decent return for their shareholders.

Job cuts are expected to be announced reducing the UK headcount by around 8,000 to 40,000 in the UK, with a further 17,000 going around the world. Once the axe has fallen the HSBC will still be employer to just under a quarter of a million staff worldwide.

HSBC also intend to put up for sale their business portfolios in Turkey and Brasil in an effort to reduce costs and get back to growing the core Asian business. The bank hasn't escaped the various scandals that have enveloped the banking indutry in recent years and is looking to get back to basics, which for the HSBC is focusing on Asia, seen as the major growth engine internationally for some time to come.