Banking giants Credit Suisse and HSBC have announced job cuts affecting IT staff in the UK in the latest round of restructuring across the sector.

Credit Suisse is to axe around 10 per cent of its UK-based staff in areas such as investment banking and shared services, which includes operations, legal services and technology.

The Swiss bank said that the move reflected "market conditions and projected staffing levels required to meet client needs".

Meanwhile, job cuts at HSBC are underway and 500 employees from areas such as technology, operations and back office are set to leave the bank.

The organisation claims that the job cuts, to take place at its headquarters in Canary Wharf and other locations, follow a business review and are a response to the "current economic conditions".

The news follows a wave of redundancies which has seen technology staff losing their jobs at other large financial institutions such as Barclays and Citi.