HSBC set to axe up to 25,000 jobs

Bank aims to deliver annual cost savings of £2.9bn


london   july 1  2014  hsbc...

Banking giant HSBC is to cut between 22,000 and 25,000 jobs globally including a reported 8,000 in the UK as part of an overhaul to slash costs and reshape the business.

The bank said it was planning a reduction of around 10% of its full-time workforce.

It is thought 8,000 jobs could be impacted in the UK, where HSBC has around 48,000 employees.

The group also announced aims to sell its businesses in Turkey and Brazil, which will see its workforce reduce by around another 25,000.

It comes as the bank seeks to deliver annual cost savings of around 4.5 billion US dollars (£2.9 billion) to 5 billion US dollars (£3.3 billion) by the end of 2017.

HSBC also confirmed it would finish its review of where to base its headquarters by the end of the year, after announcing recently that it was considering a move away from the UK due to regulatory and structural reforms.

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