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HSBC 'To Announce At Least 10,000 Job Cuts'
Originally posted by 5corpio
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Banking giant HSBC has said it will cut 25,000 jobs by 2013 and exit operations in 20 countries as it looks to save billions of dollars.
The announcement came as the bank reported pre-tax profits for the first six months of the year of $11.5bn (£7bn), up 3% on the $11.1bn the bank made a year earlier.
HSBC said it did not expect any of the new job cuts to fall in the UK. The bank had already announced 5,000 job cuts, 700 of which are in the UK.
It said it is closing its retail banking operations in Russia and Poland as part of plans to save $2.5bn-$3.5bn by 2013.
On Sunday, it announced the sale of 195 US retail branches, primarily in New York, to First Niagara Bank for.......BBC News - HSBC to axe 25,000 jobs despite pre-tax profits rise