LONDON, England - August 1, 2011 - High street bank HSBC is axing tens of thousands of jobs worldwide despite unveiling a multi-billion pound profit for the first six months of the year.

As exclusively revealed by Sky City editor Mark Kleinman, the bank will axe a total of 30,000 jobs over the next two years to save $3.5 billion.

It has already shed 5,000 jobs and will eliminate another 25,000 by the end of 2013. It is understood most will be overseas.

News of the job losses came as HSBC announced profits were up 3.7% to £6.9 billion in the six months ending June 30.

Kleinman said, "HSBC is a global bank, the UK is a relatively small part of their business, and that's why when the chief executive outlines plans for thousands of job cuts, most of those will fall outside the UK business."

HSBC has around 52,000 staff in the UK, and a total of 335,000 worldwide.

Despite the rise in profits, the bank warned growth across the U.S. and Europe is likely to remain sluggish, with concerns that new regulations may hamper growth in the UK.

The bank's chief executive, Stuart Gulliver, said, "The pace and quantum of regulatory reform continues to increase at the same time as the global economy appears to be losing momentum."

David Fleming, a spokesman for the Unite trade union, said, “The worst fears of HSBC staff have finally been confirmed. While the bank reports strong profits, its staff faces an uncertain future as management presses forward with this brutal restructuring. The employees being hit by these extensive cuts were in no way responsible for the banking crisis. Yet it is these staff - many of whom are low paid - who are having to pay for the bank’s recovery.”