HSBC Plans More Job Cuts in Effort to Save Up to $3 Billion

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More jobs are being cut as a result of spending and more than 14,000 jobs will be cut by HSBC.  HSBC has planned to find an additional $2 billion to $3 billion in cost savings by 2016.  

Stuart T. Gulliver chief executive, had warned previously that the difficult economic environment in Europe and slower-than-expected growth in China had hurt the bank’s income. While HSBC stuck to its cost savings plan, the global economy thwarted the bank’s efforts to generate the income needed to achieve its target.

Investors are confident that these measures will deliver consistent and superior financial results and hope this would make the HSBC the world’s leading bank.

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Picture by Exfordy

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