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HSBC to Cut 30K Jobs

But British bank hasn't said where
By Matt Cantor,  Newser Staff
Posted Aug 1, 2011 5:44 AM CDT
HSBC to Cut 30K Jobs
Stuart Gulliver, HSBC Group chief executive officer, gestures during a press conference.   (AP Photo/Vincent Yu)

(Newser) – HSBC plans to cut some 30,000 jobs by 2013, shrinking its global workforce by 10%, the company says. As part of the plan, the British bank has cut 5,000 jobs this year, the AP reports. The firm didn’t say which countries would see cuts, though a rep noted that hiring continues in emerging markets like Brazil and Mexico. The announcement comes on the heels of news that pre-tax profits through June 30 are up 3% from the same six-month period last year. (Read more HSBC stories.)

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