HSBC cuts 30,000 jobs, sees more to come

LONDON Mon Nov 5, 2012 5:30am EST

LONDON (Reuters) - HSBC has reduced its number of staff by almost 30,000 in the last two years and said more job cuts are likely across the bank to achieve its cost efficiency targets.

The bank had 266,700 staff at the end of September, down from 296,000 at the end of 2010 and down about 21,000 this year.

HSBC Chief Executive Stuart Gulliver said about 15,000 of the reduction were due to disposals by the bank and he expected more cuts before the end of 2013 to improve cost efficiency. "We are probably likely to see the headcount reduce further...in terms of the organic reduction, there's still some way to go," he told reporters on a conference call.

Gulliver said in May 2011 he would cut about 30,000 jobs as part of a restructuring plan. (Reporting by Steve Slater; Editing by Sarah White)

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Comments (3)
brotherkenny4 wrote:
What is it that these guys make?

Nov 07, 2012 12:02pm EST  --  Report as abuse
Harry079 wrote:
“down about 21,000 this year.”

So were the jobs UN-created?

Nov 07, 2012 2:38pm EST  --  Report as abuse
portdawg79 wrote:
Yep, sure sounds like job growth to me, how about cutting the CEO and other board members salaries from 6 digit numbers to say 5 digits for a years worth of work and keep the jobs. Romney’s 47% might become much larger if this keeps up, since Boeing is slicing 30% of their management team and closing a factory in the defense side of their business. Being their a large New York bank weren’t they part of the bailout?

Nov 07, 2012 3:37pm EST  --  Report as abuse
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