02 Aug '11, 6am

After Credit Suisse, HSBC is the latest banking giant to announce heavy job cuts of 30,000 worldwide over next 2 years.

After Credit Suisse, HSBC is the latest banking giant to announce heavy job cuts of 30,000 worldwide over next 2 years.

HSBC will slash 30,000 jobs worldwide over the next two years as it looks to slash costs, the global banking giant announced 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-percent 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 percent of HSBC's global workforce but Gulliver stressed that the bank would also be recruiting staff by 2013. "The net number will be a lot smaller than the 30,000," he told reporters. The group currently employs around 300,000 staff, m...

Full article: http://sg.news.yahoo.com/hsbc-axe-30-000-jobs-bumper-prof...

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