London  - Another 1,150 jobs will be lost in the British banking sector, after investment bank Credit Suisse and British giant HSBC announced cuts on Monday.

Credit Suisse, the second largest Swiss bank, is to axe 650 jobs, amounting to about 10 per cent of its positions in Britain. HSBC said it would eliminate 500 jobs.

The Swiss bank employees 48,500 people in more than 50 countries, with branches in the British cities of London, Birmingham and Manchester. HSBC has 58,000 employees in Britain alone. (dpa)