atans1

HSBC: Cutting the fat

In Banks on 02/08/2011 at 9:42 am

HSBC has said it will cut 30,000 jobs by 2013 and exit operations in 20 countries as it looks to save billions of dollars.

The announcement came as the bank reported pre-tax profits for the first six months of the year of $11.5bn (£7bn), up 3% on the $11.1bn the bank made a year earlier. A very decent set of results.

As a shareholder, I can only say “about time”.

Gd analysis  http://dealbook.nytimes.com/2011/08/01/hsbc-to-cut-25000-more-jobs/?nl=business&emc=dlbka8

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  1. Most of the investment banks have announced hiring freezes.

  2. Ha, would be better if they announce 100,000 jobs cuts.

    Looks like they’re returning to their roots in Asia, as well as focusing more on emerging markets.

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