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HSBC / Up to 14,000 jobs to be cut

HSBC has said it may cut an additional 14,000 jobs globally as part of a restructuring plan to reduce costs and increase profitability.

The bank is aiming to save another $3bn (£2bn) in annual costs as tougher regulations eat into profits.

The layoffs would cut the firm’s total headcount to between 240,000 and 250,000 over the next three years.

HSBC chief executive Stuart Gulliver has already overseen $4bn of cost cuts since he took office in 2011.

He is aiming to streamline the bank’s operations by focusing on high-growth markets in Asia. The firm has also sold or closed 52 businesses.

”HSBC is now simpler, easier to manage and ready to take advantage of growth opportunities,” Mr Gulliver said in a statement.

“We are confident that these measures will deliver consistent and superior financial results and move us closer to achieving our ambition of being the world’s leading international bank.”

Chosen excerpts by Job Market Monitor

BBC

via BBC News – HSBC may cut up to 14,000 jobs under restructuring plan.

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