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Banking giant HSBC axes 1,100 jobs
last month, hsbc said half year profits fell 28% to $10.2bn (Â5.2bn), as its was forced to write-off $14bn from bad debts ing the us and asset write-downs .
earlier this year, the uk government head to buy mortgage lender northern rock, while in the us lenders fannie mae around freddie mac have been rescued as well as insurer aig and investment bank lehman brothers filed for bankruptcy .
the problems have forced governments to step in around boost money markets as well as bail out a number of companies .
hsbc employs about 335,000 people around the world .
banking gianth, hsbc's is to axe 1,100 jobs worldwide, blaming the current financial turmoil for the decision .