HSBC to cut thousands more jobs as ‘part of $1 bn savings plan’
- IPL spot-fixing case: Delhi Police to trace money trail in four cities
- PM-level talks: India to convey concerns over Ladakh incursion to Chinese Premier
- IPL 2013 LIVE SCORE: Kings XI Punjab vs Mumbai Indians
- Rajapaksa slams Tamil diaspora for lack of support in reconciliation process
- Karnataka CM Siddaramaiah inducts 28 ministers, keeps tainted away
Europe's biggest bank by market value HSBC is gearing up for thousands more job cuts, according to a report.
The job cuts target has still to be fixed, but people close to the bank suggested up to 5,000 staff could go as part of the one billion dollars savings plan.
If HSBC maintained the recent rate of staff cuts to cost savings, the number would be closer to 10,000, CNN reports.
According to the report, Stuart Gulliver, HSBC's chief executive, said when he announced annual results last week that he would "fixate on costs" over the coming year and promised to find a further one billion dollars of annual savings in 2013.
Gulliver has spent the past two years trying to streamline HSBC's global network of fiefdoms, both in order to impose more control from head office in London and to strip out overlaps and inefficiencies.
HSBC has already exceeded its target of finding 2.5-3.5 billion dollars of cost savings by 2013, announcing 3.6 billion dollars of "sustainable annual savings" with its 2012 results, the report said.
But the bank remains as far as ever from a related target, to cut the bank''s elevated cost-income ratio to between 48 and 52 per cent, the report added.
- Destitute, orphan students outclass rest in Andhra Class 10 exams
- To re-energise ties, PM wants to visit US, waits for confirmation
- NIA court says no terror link, frees 'Hizbul militant' Liyaqat on bail
- CBI arrests its coal allotments investigator on bribery charge
- ‘Cricketer-bookie Amit may have used Jiju to reach Sree’
- BCCI chief N Srinivasan says police must prove spot-fixing allegations