HSBC cutting 500 jobs in Del.

HSBC plans to eliminate 500 of 1,200 jobs at its facility in New Castle, Del., by the middle of this year, the company said Wednesday.

The layoffs affect people in HSBC's credit-card customer service and collections operations, spokesman Rob Sherman said.

The decision was made "as part of our ongoing efforts to balance customer service and business support needs with staffing levels across network," Sherman said.

The remaining 700 HSBC employees in New Castle perform underwriting and claims processing for HSBC insurance operations and handle some functions for commercial banking, Sherman said.    - Harold Brubaker