HSBC to cut as many as 25,000 jobs

9th June, 2015
HSBC will step up investment in Asia, it said.

HSBC Holdings will eliminate as many as 25,000 jobs in cost-cutting by 2017 as chief executive Stuart Gulliver seeks to reverse profit declines.

Europe’s largest bank plans to reduce full-time employees by 22,000 to 25,000, or about 10 per cent of staff, the lender said in a presentation on its website on Tuesday.

HSBC will aim for annual cost savings of $4.5 billion to $5 billion by 2017 and sell businesses in Turkey and Brazil, according to a...

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