31 Jul '11, 11pm

HSBC set to axe 10,000 jobs from global workforce

LONDON - HSBC, Europe's biggest bank, plans to announce thousands of job cuts today as part of a wide-ranging cost-reduction programme that started in May, a source with direct knowledge of the decision said yesterday. HSBC plans to cut about 10,000 jobs, or 3 per cent of its global workforce, said the source, who declined to be identified. HSBC, which employed 307,000 people at the end of last year, is expected to announce the job cuts when it reports earnings for the first half of this year later today. HSBC would be the latest bank to announce job cuts. Credit Suisse said last week that it planned to eliminate 2,000 positions, or 4 per cent of its global jobs. Goldman Sachs and Morgan Stanley are also reducing their headcounts. The cuts are expected to help the banks improve returns despite slower economic growth and a stricter regulatory environment. HSBC declined to c...

Full article: http://www.todayonline.com/Business/EDC110801-0000065/HSB...

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