HSBC cuts 30,000 jobs, sees more to come

LONDON Mon Nov 5, 2012 4:14pm IST

Free cash withdrawals are advertised outside a HSBC bank in the city of London March 1, 2010. REUTERS/Luke MacGregor/Files

Free cash withdrawals are advertised outside a HSBC bank in the city of London March 1, 2010.

Credit: Reuters/Luke MacGregor/Files

Related Topics

Stocks

   

LONDON (Reuters) - HSBC (HSBA.L) has reduced its number of staff by almost 30,000 in the last two years and said more job cuts are likely across the bank to achieve its cost efficiency targets.

The bank had 266,700 staff at the end of September, down from 296,000 at the end of 2010 and down about 21,000 this year.

HSBC Chief Executive Stuart Gulliver said about 15,000 of the reduction were due to disposals by the bank and he expected more cuts before the end of 2013 to improve cost efficiency. "We are probably likely to see the headcount reduce further...in terms of the organic reduction, there's still some way to go," he told reporters on a conference call.

Gulliver said in May 2011 he would cut about 30,000 jobs as part of a restructuring plan. (Reporting by Steve Slater; Editing by Sarah White)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Diwali Sales

Diwali Sales

Gold sales jump about 20 pct for Diwali - trade body  Full Article 

World Bank Rival

World Bank Rival

Three major nations absent as China launches W.Bank rival in Asia  Full Article 

Wal-Mart India

Wal-Mart India

Murali Lanka appointed as Wal-Mart India operations chief  Full Article 

Microsoft Earnings

Microsoft Earnings

Microsoft sales beat Street hopes, cloud profits up.  Full Article 

Special Report

Special Report

Why Madrid's poor fear Goldman Sachs and Blackstone  Full Article 

U.S. Economy

U.S. Economy

Spectre of no-inflation world looms over Fed's return to normal  Full Article 

Insider Trading

Insider Trading

Rengan Rajaratnam, SEC to settle civil insider trading charge.  Full Article 

Market Watch

Market Watch

Betting on the beaten up? Investors pin hopes on stocks in Europe, Japan.  Full Article 

India Insight

India Insight

Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw”  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage