02 Aug '11, 12am

HSBC to slash 30,000 jobs worldwide over the next two years as part of cost-cutting measures

HSBC to slash 30,000 jobs worldwide over the next two years as part of cost-cutting measures

HSBC will slash 30,000 jobs worldwide over the next two years as it looks to slash costs, the global banking giant announced on Monday after also unveiling bumper profits. -- PHOTO: REUTERS LONDON - HSBC will slash 30,000 jobs worldwide over the next two years as it looks to slash costs, the global banking giant announced on Monday after also unveiling bumper profits. Europe's biggest lender said in a statement that it was cutting 5,000 workers in Latin America, the United States, Britain, France and the Middle East while new boss Stuart Gulliver revealed that the cost-cutting plans would go deeper. 'There will be further job cuts,' he told a conference call after the group announced a 35-per cent jump in net profits. 'Another 25,000 roles will be eliminated in addition to the 5,000 already announced,' he said. The cuts represent about 10 per cent of HSBC's global workforc...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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