British banking company HSBC says it will cut 30,000 jobs worldwide by 2013, around 10 per cent of its global workforce.

Bank spokesman Patrick Humphris said Monday that 5,000 jobs have already been cut this year and another 25,000 will be cut by 2013. The bank currently employs around 296,000 people worldwide.

Humphris declined to give details of where the job cuts would be. He added that the group is still hiring in emerging markets such as Brazil and Mexico.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

LONDON (AP) _ British banking company HSBC has reported a rise in profits and says it will sell just under half its retail banking branches in the United States to First Niagara Bank for around $1 billion.

The bank reported pre-tax profits of $11.5 billion in the six months to June 30 2011, up 3 percent from the same period last year. Earnings per share rose to 51 cents from 38 cents a year earlier.

The bank also increased Monday its dividend by 12.5 percent to 18 cents per share.