HSBC (Hong Kong and Shanghai Banking Corporation) has announced that it will slash 25000 jobs by 2013 and will exit operations in 20 counties.
This step will help the banking giant HSBC to save billions of dollars.
The bank has reported pre-tax profits for the first six months of the year of 11.5 billion dollars up by 3%. Last year the bank made 11.1 billion dollars.
The bank had already announced 5,000 job cuts, 700 of which are in the UK.
The total 30000 jobs cut means that about 10% of HSBC employees will be axed as more than 300000 people are employed in HSBC all over the world. However HSBC stressed it will also be recruiting staff by 2013.
August 2, 2011
