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HSBC prepares to cut thousands more jobs
Markets
by Daniel Grote on Mar 18, 2013 at 09:32
HSBC is preparing to cut thousands more jobs across its global business as part of the next stage in its strategic overhaul, according to the Financial Times.
The FT said the jobs cut target was not fixed but that sources close to the bank had suggested around 5,000 staff could go as the bank eyes savings of $1 billion (£660 million).
It said the details of chief executive Stuart Gulliver's plan were set to be outlined to investors in May. They would follow a sharp reduction in staff numbers, from 302,000 to 260,000 over the last two years.
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1 comment so far. Why not have your say?
Paul Renken
Mar 18, 2013 at 12:25
$1 billion to save? Hmmm! Could cut annual bonus' to just 1x salary or the equivalent to that paid to mainland Chinese bankers at similar position and seniority. That savings, and the voluntary exodus of staff as a result of that should do the trick. Return on investor capital should go up as a result.
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