facebook
twitter
search
search

HSBC to cut 30,000 positions

Aug. 1, 2011 at 3:14 PM

LONDON, Aug. 1 (UPI) -- British bank HSBC said Monday it would eliminate 30,000 jobs to streamline its operations and save up to $3.5 billion through 2013.

The announced job cuts amount to 10 percent of the bank's workforce, The New York Times reported Monday.

The restructuring includes HSBC backing out of retail banking in Poland and Russia and comes after solid gains in the second quarter.

HSBC said its profits rose 36 percent to $9.2 billion January through June. In the same six months a year earlier, HSBC earned $6.7 billion.

HSBC Group Chairman Douglas Flint said in a statement, "I am delighted to report how effectively the new management team under the leadership of Stuart Gulliver is working together and making progress." He also said, " The mood in the organization is upbeat and there is real commitment and enthusiasm to tackle the tasks ahead of us."

Like Us on Facebook for more stories from UPI.com  
Latest Headlines
Top Stories
Google apologizes for photo app that tagged black couple as 'gorillas'
E-2D aerial refueling capability passes CDR
Shell to tap new Gulf of Mexico oil
Lockheed Martin spotlights new tracking pod system
Greek default leaves bruise on oil markets