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
- 3 Shot Dead in Venezuela Unrest
- Chinese May Have Spotted Malaysia Airlines Debris
- Several Texas Cities Top Job Search List
- Why Buffett Bets Big on Green Energy
- Wall Street Rally Heads Off 3rd Day of Decline
- Senate Committee OKs Bill to Sanction Russia
- Better Pay Means Bigger Profits: Strategist
- G7 Presses Russia to Pull Troops Out of Crimea
- Obama's 'Between Two Ferns' Appearance Has Conservatives Upset
- Jan Brewer Out on Term Limits