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cashinmattress

Hsbc Warns 14,000 More Job Cuts Likely

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HSBC has said it could cut another 14,000 jobs - just a week after almost doubling quarterly profits to £5.4bn.

The chief executive of Europe's biggest bank, Stuart Gulliver, wants to save an additional £2bn as part of a restructuring plan which has already resulted in 46,000 staff losing their jobs worldwide.

In a strategy update, the London-headquartered bank confirmed up to 14,000 posts were under threat but it was on track to sell or dispose of 52 non-core businesses.

It said that when those had been completed, HSBC would have cut $95bn (£62.3bn) in risk-weighted assets.

The restructuring, set out by Gulliver in May 2011, called for a complete overhaul of the bank by reducing costs, exiting sub-scale or unprofitable businesses and focusing on growth markets, such as Asia.

He said: "We will continue to exert tight cost discipline whilst streamlining processes and procedures.

"HSBC is now simpler, easier to manage and ready to take advantage of growth opportunities."

Questioned about the impact on jobs, he told journalists that the bank would employ between 240,000 and 250,000 staff worldwide by 2016. That compares with the current level of 254,000.

More than 45,000 of those employees are based in the UK and an additional 1,100 were told they would be axed last month.

HSBC also said it would "progressively grow dividends" and introduce a share buyback scheme as it seeks to return value to shareholders.

I guess laundering Mexican and Afghanistan drug money is not as lucrative as it used to be?

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I guess laundering Mexican and Afghanistan drug money is not as lucrative as it used to be?

I'm surprised they did not cite job creation as a defence- but I guess decapitated mexicans and american junkies trump even that excuse.

A walk down the High street these days is a fascinating experience- I stroll past money laundering banks, tax avoiding coffee chains and outfits that use the unemployed as unpaid labour.

When I get to the toilets it's like a breath of fresh air. :D

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I'm surprised they did not cite job creation as a defence- but I guess decapitated mexicans and american junkies trump even that excuse.

A walk down the High street these days is a fascinating experience- I stroll past money laundering banks, tax avoiding coffee chains and outfits that use the unemployed as unpaid labour.

When I get to the toilets it's like a breath of fresh air. :D

You forgot the bookies and low level launderers like CeX.

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A walk down the High street these days is a fascinating experience- I stroll past money laundering banks, tax avoiding coffee chains and outfits that use the unemployed as unpaid labour.

When I get to the toilets it's like a breath of fresh air. :D

Hehe! Nice.

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  • 239 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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