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

DEFENCE

REUTERS SHOWCASE

FCI Revamp

FCI Revamp

Govt begins revamp of Food Corporation of India to cut waste, tame prices  Full Article 

Banking Fraud

Banking Fraud

Govt probing alleged fraud in two state-run bank branches   Full Article 

New Metro Rail

New Metro Rail

Cabinet approves $1.4 bln new metro rail project   Full Article 

Gold Stagnation

Gold Stagnation

Fading volatility promises long period of gold stagnation  Full Article 

Onion Price

Onion Price

Cabinet cuts onion export price by 30 pct  Full Article 

Housing Policy

Housing Policy

RBI deputy gov says cbank tweaking policies for affordable housing  Full Article 

Reuters India Mobile

Reuters India Mobile

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