HSBC to make up to $3 billion in new cuts
May. 15, 2013
LONDON (AP) — HSBC has announced it is seeking a further $2 billion-$3 billion in cost savings as it continues to trim its global empire — a move analysts say could cost more jobs.
In a statement Wednesday, HSBC PLC Chief Executive Stuart Gulliver said the cuts are part of a cost-saving strategy which has already seen 52 peripheral or underperforming units close.
The bank has also trimmed 40,000 jobs from a workforce of 300,000 since 2011, and the new savings are expected to translate into additional layoffs.
Europe's biggest bank by market value, HSBC announced a doubling of its profit earlier this month as it reaped the benefits of the restructuring.
Shares in HSBC were up just under 1 percent to 7.53 pounds in London at midday Wednesday.