Earlier this month HSBC PLC reported pre-tax profits of $8.4 billion. Yesterday the bank said up to 14,000 more jobs could be cut as part of a restructure.
HSBC wants to save $3 billion in costs per year, with the layoffs to take headcount to between 240,000 and 250,000 over the next three years.
“HSBC is now simpler, easier to manage and ready to take advantage of growth opportunities,” HSBC chief executive Stuart 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,” he said.
HSBC has cut 46,000 jobs in the first phase of its cost-cutting drive, and sold its stake in a Chinese insurance business for around $9.4 billion. It also sold credit card operations in the United States as well as four units in Latin America.
More to come …