Up to 30,000 jobs to go at HSBC
July 31, 2011
One of the world’s biggest banks, HSBC, is to cut 30,000 jobs in order to cut costs and save hundreds of millions of pounds. This news comes despite the bank reporting a rise in pre-tax profits compared to the same period last year.
In total the cuts at HSBC, who are known for touting themselves as “The world’s local bank”, will see a 10% reduction in their current workforce. The bank had previously announced that 5,000 jobs were to go, but has now added a further 25,000 job cuts to that number.
They also plan on withdrawing their services in up to 20 countries as part of the cost-cutting exercises they have put forward.
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