HSBC to cut up 25,000 jobs globally
June 9, London: Europe‘s largest bank by market value, HSBC holdings has announced it will cut up to 25,000 jobs as part of a global restructuring that entails its withdrawal from Brazil and Turkey, as it also considers abandoning London as its headquarters.
In a statement to the Hong Kong stock exchange on Tuesday, HSBC said it intends the restructure will save it $5bn in annual costs within two years.
In a statement, Stuart Gulliver, the chief executive, said the bank was undertaking “a significant reshaping of its business portfolio”.
“It is redeploying resources to capture expected future growth opportunities and adapting to structural changes in the operating climate,” he said.
It also said it expected to complete a review of where to locate its headquarters by the end of this year.
The UK has imposed stricter controls on the banking sector since the 2008 global financial crisis that have entailed greater costs.
An investor update report from HSBC on Tuesday said there would be a 10 percent reduction in jobs, totalling between 22,000 and 25,000.
The Oslo Times and AP