HSBC cuts 30,000 jobs, sees more to come
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)
- Tweet this
- Share this
- Digg this
- Israel extends Gaza ceasefire for 24 hours, Hamas rejects terms
- Australia approves Adani's $16 bln Carmichael coal project
- U.S. diplomats' return to Libya could be more hazardous than exit
- Analysis - Amazon's far-reaching ambitions, lack of profits, unnerve investors
- Reliance Power to buy Jaiprakash's hydropower business
The Indian subsidiary of Anglo-Dutch parent Unilever made a net profit of 10.57 billion rupees ($175.9 million) for the three months ended June 30, from 10.19 billion rupees in the same period a year earlier. Full Article