HSBC to cut 10,000 jobs?

28 July 2011

Thousands of jobs look set to be axed at HSBC as senior executives at the bank seek to finalise their cost-cutting plans.

Sky News reports that more than 10,000 employees at the lender - which currently has more than 7,500 offices in 87 countries around the world - could be laid off as chief executive Stuart Gulliver strives to reduce outgoings.

Although HSBC declined to comment on the matter, the news provider suggested redundancies are likely to be made by cutting back on head office functions and closing retail banking operations in parts of the world the bank is no longer looking to expand in.

Any job cuts will come on the back of recent lay-offs at the lender that have seen hundreds of individuals being made unemployed - especially from its UK retail banking arm and insurance operations.

The moves follow HSBC's May announcement that it is aiming for $2.5 billion to $3.5 billion in annual cost savings in the next three years.

By Asim Shah

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