HSBC will cut more than 10,000 jobs as part of the global banking giant’s recently announced cost cutting drive, Economic Times reported.
London-based HSBC may slash more than 10,000 positions across its operations. The senior executives at the bank are close to finalizing costs that will result in thousands of jobs being axed across the bank’s sprawling global empire.
The cuts will come from trimming the company’s head office functions and closing retail banking operations. In May, HSBC said it will slash costs by up to $3.5 billion by 2013, with its new chief executive Stuart Gulliver saying the savings will be ploughed back into fast-growing markets around the world, especially Asia.
Hong Kong-listed bank would be hiring at least 2,000 extra people in mainland China and Singapore over the next five years, as it aims to tap the fast-growing Asia Pacific market. HSBC was founded in Hong Kong and Shanghai in 1865 .
It is listed on the London and Hong Kong exchanges. HSBC has about 330,000 employees around the world. In June, 700 jobs were cut in the UK’s retailing sector.
HSBC is one of the largest banking and financial services organizations in the world. Its international network comprises around 7,500 offices in 87 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.
