Monday, August 1, 2011

HSBC To Cut 30K Jobs

Shocked once again, but not surprised.

That is right, 30,000 jobs to be axed!

HSBC Holdings said it is slashing around 30,000 jobs to cut costs and revamp its business. It will withdraw from some countries and refocus its operations on high-growth markets.

5,000 jobs are already under the axe in the U.S., U.K., France, Latin America and Middle East, around 25,000 further roles will be cut between now and 2013.
"HSBC made the announcement as it reported flat first-half revenue of $35.7 billion, with weakness in Europe and its Global Banking & Markets division offsetting double-digit percentage revenue growth in Hong Kong, the rest of Asia Pacific and Latin America.

The group revenue figure, comparing with around $35.5 billion in the first half of 2010, was better than analyst expectations of $34.5 billion". (WSJ)

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