Photo: Tiago S Costa on flickr
HSBC said on a conference call this morning it would cut 30,000 by the end of 2013.”There will be further job cuts,” Chief Executive Stuart Gulliver told Reuters. “Another 25,000 roles will be eliminated in addition to the 5,000 already announced.”
The London-based financial company reported flat first half revenue of $35.7 billion, with weakness in Europe offsetting growth in emerging markets. Naturally job cuts will be focused on Europe and the U.S., with the possibility of hiring in emerging markets.
Laying off 30,000 amounts to a 10% workforce reduction.
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HSBC also said it was selling 195 retail banking branches in Upstate New York to First Niagra Financial Group for $1 billion.