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HSBC has announced another raft of redundancies, with more than 3,000 jobs affected, with the most cuts expected to come from the restructure of its wealth management business.
Britain's largest bank said 3,166 jobs would be affected by the latest plans, but as it was also creating 2,017 roles which it expects to be filled by displaced employees, resulting in 1,149 redundancies in total. The cuts will mostly come from the bank's wealth business, where the bank said it is shifting advisers into its consumer retail banking business from the start of June. Some 942 relationship management roles will go, including commercial banking financial adviser positions.....Read more here
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HSBC has said it may cut an additional 14,000 jobs globally as part of a restructuring plan to reduce costs and increase profitability. The bank is aiming to save another $3bn (£2bn) in annual costs as tougher regulations eat into profits. The layoffs would bring the firm's total headcount to between 240,000 and 250,000 over the next three years. HSBC chief executive Stuart Gulliver has already overseen $4bn of cost cuts since he took office in 2011. He is aiming to streamline the bank's operations by focusing on high-growth markets in Asia. The firm has also sold or closed 52 businesses.....Read more here