HSBC to slash 50,000 jobs to accelarate performance
London, June 10: World's leading bank HSBC has announced to slash 50,000 jobs, mainly in the investment banking sector. This move is in the light of improving sluggish performance.
The bank further said that about half the cuts will come from the sale of businesses in Brazil and Turkey. Following this, 10% of the remaining 233,000 will be cut by consolidating IT and back office operations and closing branches. Britain is likely to have a job cut of 7,000-8,000 and one in six will be laid off in UK.
This will leave HSBC with a staff strength of 208,000 full-time equivalent staff by 2017, down by 2,58,000 at the end of 2014. However, the bank assured that there will be hiring in growth businesses and its compliance division.
Investors, meanwhile, are in a frenzy to find out the situation in the investment sector, which has been suffering tough market conditions. The Sensex saw a drop in HSBC, which dipped 0.5% after it said it would cut 50,000 jobs from its payroll.