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HSBC cuts 500 U.S. jobs, pares credit card work

NEW YORK (Reuters) - HSBC Holdings Plc <HSBA.L> is laying off about 500 employees as it ends credit card customer service and collections work at a center in New Castle, Delaware.

The cuts were revealed one day after American Express Co <AXP.N>, the credit card and travel services company, said it would cut 550 jobs as it handles more customer business online.

HSBC said it will continue its insurance underwriting and insurance customer services operations at the Delaware center, where about 700 people will remain employed. The British bank expects to eliminate the 500 jobs by midyear.

The decision to cut jobs took into consideration "a range of factors, as part of ongoing efforts to balance customer service and business support needs with staffing levels" across the U.S. credit card network, HSBC spokesman Rob Sherman said.

Affected workers began receiving notifications this week, and will have priority in applying for other jobs at HSBC, he added.

HSBC also has a small office in Wilmington, Delaware focused on global banking and markets.

(Reporting by Jonathan Stempel in New York; editing by Sofina Mirza-Reid)

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