HSBC to reduce headcount by 25,000

Banking giant HSBC has today announced plans to shed 25,000 jobs by 2013 after reporting a rise in half-year profits.

The bank, which is Europe’s largest, has already unveiled 5,000 job cuts, 700 of which are in the UK.

HSBC has a global workforce of 335,000 worldwide, with 52,000 in the UK. It said the majority of the 25,000 job losses will be overseas.

Meanwhile, the bank said pre-tax profits for the first six months of the year came in at $11.5 billion (£7 billion) – a rise of 3% on the $11.1 billion a year ago.

It is the latest bank to announce job losses after Lloyds Banking Group has shed 15,000 jobs this year, while Royal Bank of Scotland has axed 28,000 employees since 2010.

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