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HSBC to reduce headcount by 10,000

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by Kay Mitchell

According to a report today, banking giant HSBC is to axe more than 10,000 jobs as part of the bank’s strategic review.

The report from Sky News said some of the cuts will come from its head office while others will be the result of closing some retail banking operations.

However, a spokesperson for the bank declined to comment on the report.

The speculation comes shortly after the bank said it would embark on a massive cost-cutting exercise.

The bank, which is Europe’s largest, is looking to save up to $3.5 billion (£2 billion) by streamlining its IT operations and cutting back on its wealth management and retail divisions.

HSBC, which operates in 87 markets and has a workforce of more than 287,000, is one of the few banks not to ask for help during the financial crisis.

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News posted: July 28, 2011

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