HSBC slashing 30K jobs, U.S. branches

Tuesday, August 2, 2011
By Paul Martin

The British banker plans to sell 195 retail branches in the U.S., nearly all of which are located in upstate New York, and cut 30,000 jobs worldwide to focus more on emerging markets.

Crain’s New York Business

British banking group HSBC said Monday it will cut 30,000 jobs worldwide by 2013 and sell almost half its retail bank branches in the U.S., part of a new strategy to focus on fast-growing emerging markets.
The bank, which reported a better-than-expected 3% increase in pretax profits to $11.5 billion in the six months to June, has already cut 5,000 jobs this year. Another 25,000 will be slashed by 2013, bank spokesman Patrick Humphris said.
HSBC currently employs around 296,000 people worldwide.

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