News Column

HSBC Reportedly Shedding Thousands of Jobs

March 18, 2013

HSBC, Europe's largest bank, is set to lay off thousands of workers, the Financial Times (FT) reported Monday.

Quoting sources close to the bank, the FT said redundancies would be as high as 5,000 in order to help meet a 1-billion-dollar savings target for 2013 set by HSBC group chief executive Stuart Gulliver.

The FT however suggested that considering the financial institutions latest rate of layoffs, the total would be closer to 10,000 job cuts.

Included in the plans are the closure or sale of eight to 10 HSBC subsidiaries in 2013 or 2014, the report said.

Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH