Back to all announcements

HSBC 'set to perform more cuts'

HSBC may announce further job cuts on Wednesday (15 May), with the bank looking to streamline its services and reduce costs.

Investors will be told by the company's chief executive Stuart Gulliver that HSBC needs to continue to make cut backs in order to be more secure in the future.

The bank's global workforce has already been reduced from 300,000 to 254,000 through redundancies and the closure of 52 of its businesses since 2011.

Potentially, the firm could get rid of 20 more businesses over the next two years.

HSBC has already confirmed it is to cut 3,166 jobs in the UK in an effort to reduce costs in the region.

Mr Gulliver is aiming to get costs below 52 per cent of revenues or to get a return on equity above 12 per cent by the end of the year.

The bank's first quarter results were released last week and revealed annual savings of $4 billion and 46,000 fewer staff across the company.

By Asim Shah