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.
Most Popular Stories
- SEO Traffic Lab Celebrate Wins at Digital Marketing Event 'Internet World 2013' in London
- Social Media Initiatives Should Follow Customers' Lead
- Apple CEO: Offshore Units Not a 'Tax Gimmick'
- U.S. Senate Accuses Apple of Large-scale Tax Avoidance
- Marketo Makes a Mint in IPO: Stock Shoots Up More than 50 Percent
- UTEP Water Recycling Project Wins Venture Titles
- Bieber Booed at Billboard Awards
- Crude Oil Up, Gasoline Down
- Ford's Supplier Diversity Program Turns 35
- Austin Startup Compare Metrics Raises $3.5 Million for Expansion