HSBC to cut down 30,000 jobs

Written by: Biswajeet Panda
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London, Aug 1: Europe's biggest bank, the Hong Kong Shanghai Banking Corporation (HSBC) is bracing up to shed 30,000 jobs as it pulls back from countries where it is finding tough to get going. It was informed by the bank on Aug 1 after it reported a surprise rise in first-half profit.

The bank has also informed that it had cut 5,000 jobs following operational rejig in the US, Latin America, Britain, France and the Middle East. It said that another 25,000 jobs would be reduced by 2013.

Speaking to reporters on a conference call, Stuart Gulliver, the bank's Chief Executive said, "There will be further job cuts. There will be something like 25,000 roles eliminated between now and the end of 2013."

Gulliver's strategy, which was unveiled in May 2011 aims to slash operational costs and intends to sell, close or even trim down retail banking in 39 countries.

Interestingly the cuts will equate to around roughly 10 percent of the bank's total workforce.

HSBC's lay-off plans have expectedly left off its Indian operations where there are promising signs of a better performance than in the countries where the job-shedding is taking place.

OneIndia News

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