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HSBC to cut 30,000 positions

Aug. 1, 2011 at 3:14 PM   |   Comments

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."

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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