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HSBC may cut up to 14,000 jobs under restructuring plan | HSBC may cut up to 14,000 jobs under restructuring plan |
(about 3 hours later) | |
HSBC has said it may cut an additional 14,000 jobs globally as part of a restructuring plan to reduce costs and increase profitability. | HSBC has said it may cut an additional 14,000 jobs globally as part of a restructuring plan to reduce costs and increase profitability. |
The bank is aiming to save another $3bn (£2bn) in annual costs as tougher regulations eat into profits. | The bank is aiming to save another $3bn (£2bn) in annual costs as tougher regulations eat into profits. |
The layoffs would cut the firm's total headcount to between 240,000 and 250,000 over the next three years. | |
HSBC chief executive Stuart Gulliver has already overseen $4bn of cost cuts since he took office in 2011. | HSBC chief executive Stuart Gulliver has already overseen $4bn of cost cuts since he took office in 2011. |
He is aiming to streamline the bank's operations by focusing on high-growth markets in Asia. The firm has also sold or closed 52 businesses. | He is aiming to streamline the bank's operations by focusing on high-growth markets in Asia. The firm has also sold or closed 52 businesses. |
''HSBC is now simpler, easier to manage and ready to take advantage of growth opportunities,'' Mr Gulliver said in a statement. | |
"We are confident that these measures will deliver consistent and superior financial results and move us closer to achieving our ambition of being the world's leading international bank." | |
The first phase of HSBC's cost-cutting effort has seen the firm cull 46,000 jobs and sell its stake in China's second biggest-insurer for about $9.4bn. Other divestments include its US credit card operations and four Latin American units. | |
Mr Gulliver said on Wednesday that a stronger financial performance would allow it to increase dividends. He also signalled that the bank may buy back shares in 2016. | |
Earlier this month, HSBC reported pre-tax profits of $8.4bn for the first three months of 2013. | |
The profit was nearly double the figure reported for the same period a year earlier, and was boosted by a fall in losses from bad debts and provisions for other risks. |
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