Banking giant HSBC has announced that it intends to cut 1,700 banking jobs in the UK, although the company also said that it planned to create new roles shortly in different parts of its business.

HSBC’s announcement demonstrates how competitive the market for graduate banking jobs has become. In the current economic climate candidates with professional qualifications and the best careers advice can stand out from their competitors.

Most of the job cuts are expected to fall in offices which support its network of branches, with regional credit card centres being relocated to a new administrative hub Birmingham.

The company’s UK chief executive Paul Thurston said: “Decisions that affect our people are always difficult, but this restructure is an essential part of the streamlining of our business and the migration of activities into centres of excellence around the country.”

Last week, HSBC announced its intention to expand its consumer operations in China, with plans to add branches both this year and next.

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