HSBC To Fire 50,000, One In Five Jobs, To Fund Dividends To Shareholders

Tuesday, June 9, 2015
By Paul Martin

by Tyler Durden
ZeroHedge.com
06/09/2015

Just days after JPMorgan revealed it would fire another 5,000 by the end of the year in a “scalpel” headcount reduction, overnight the world’s favorite drug money laundering bank HSBC unleashed the “machete” and announced it would cut almost 50,000 workers, or one in five bankers, a move which would shrink the investment bank division by one-third. The reason: the same why US corporations are laying off tens of thousands so they can fund record stock buybacks and enrich their shareholders – to boost profits so that more money can be channeled in the form of dividends.

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