HSBC to cut global headcount by up to 50,000

10 June 2015 02:36 am - 0     - {{hitsCtrl.values.hits}}

A A A

AFP: Scandal-hit bank HSBC said yesterday it would cut its global headcount by up to 50,000 as part of a restructuring that entails its withdrawal from Brazil and Turkey, while it also mulls abandoning London as its headquarters. 
The Asia-focused lender added in a statement that it intended to save up to US $5 billion (4.4 billion euros) in annual costs within two and a half years as it seeks to boost profitability.
“HSBC is now undertaking a significant reshaping of its business portfolio,” said the bank, which this year marks its 150th anniversary.
“It is redeploying resources to capture expected future growth opportunities and adapting to structural changes in the operating climate.”
The statement did not mention extensive job cuts, the details of which were buried in an accompanying report. HSBC said there would be a 10 percent reduction in jobs, with between 22,000 and 25,000 classified under “transformation savings”.
A further 25,000 jobs would be lost with the sale of operations in Turkey and Brazil.
“We recognise that the world has changed and we need to change with it,” said Chief Executive Stuart Gulliver.
“That is why we are outlining ... actions that will further transform our organisation.”
Gulliver also confirmed the job losses would include between 7,000 and 8,000 positions in Britain—where its retail bank will be rebranded and relocated from London to Birmingham, central England, by 2019.
The overhaul is the latest in a series of swingeing cuts under Gulliver, who joined at the beginning of 2011. Staff numbers have dropped from 295,000 in 2010 and by 2017 there will be 208,000 remaining. 
 
See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




H&M labels dumped in Nature Reserve

A group of volunteers during a clean-up of the Wetahirakanda Nature Reserve h

Employees’ health and safety our top-most priority - Brandix

When inquired, Brandix Apparel Limited said that health and safety of employe

“Workers who fainted had water sprinkled on their faces and had to work again”

Health authorities believe the first reported Covid-19 infected worker from t

“Social media ruined us” - husband of Minuwangoda Brandix factory worker

The Minuwangoda Brandix factory worker who first tested positive for Covid-19

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.