LONDON 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)
Trending On Reuters
Ready for Rate Hike
Two years ago India was a "fragile five" economy growing at 5 percent, facing a severe current account deficit and the rupee at record lows as the U.S. Fed Reserve prepared to taper its stimulus programme. Today, two years into the term of RBI Governor Raghuram Rajan, India is set to confidently face the Fed's first rate rise since 2006. Full Article