London - British banking giant HSBC is to cut 1,100 jobs, the company said Friday, blaming the cuts on the world financial crisis.

Around half of the job cuts will be in Britain, mainly at the investment banking section in London.

A company spokesperson said the bank is reducing its workforce because of market conditions and "our cautious outlook for 2009."

HSBC employs around 335,000 people worldwide. The bank announced last month that its half year profits fell 28 per cent to 10.2 billion dollars. (dpa)