Banking giant HSBC posts $11.5 billion profit, announces plan to slash 25,000 more jobs

[DearAbby]

LONDON — HSBC will axe 30,000 jobs as it slashes costs and retreats from countries such as Russia, Poland and the U.S., where it is struggling to compete, Europe's biggest bank said after reporting a surprise rise in first-half profit.

HSBC's shares rose as much as 5 percent as first-half pretax profits of $11.5 billion were up 3 percent on a year ago, beating the $10.9 billion average in a Reuters poll.

The London-based bank said it had cut 5,000 jobs after restructuring operations in Latin America, the United States, Britain, France and the Middle East and that it would cut another 25,000 between now and the end of 2013.

That equates to 10 percent of HSBC's 296,000 workforce. The bank's 110,000 staff in Europe and North America will bear the brunt of the job cuts.


More: http://www.msnbc.msn.com/id/43968434/ns/business-world_business/

[aquart]

1. Golly, I wonder who will get the money.

[ejpoeta]

2. yep they announced that they are selling all their branches in the wny area to First Niagara.

That's job creation right there! and not sure how many of those will have to be 'divested' as First Niagara head guy put it on the news last night.

[bullwinkle428]

3. Hurray, job creators!

[Initech]

8. We should start calling them for what they are: thieves!!!

[Major Hogwash]

4. Who is HSBC?

Household bank?

[jannyk]

5. Hong Kong and Shanghai Banking Corp

a giant British Bank.

[Major Hogwash]

7. Muchas gracias, that was very quick and very nice of you to answer so fully.

All this time I thought my credit card was from someone else!
Imagine that!
Boy, do I have egg on my face now!

[The_Casual_Observer]

6. No more adverts in the jetways?

Good.