HSBC Layoffs: 25,000 Jobs Worldwide To Be Eliminated

By on Aug 2, 2011 in Banking, Business, Finance Comments
Stuart Gulliver
Stuart Gulliver, HSBC’s Chief Executive

Up to 25,000 jobs worldwide will be eliminated by HSBC as part of a major cost-cutting drive, several international news sites reported on Monday, August 1, 2011.

“There will be something like 25,000 roles eliminated between now and the end of 2013,” Stuart Gulliver, HSBC‘s Chief Executive was quoted as saying.

According to reports, the proposed cut in the number of employees is part of Gulliver‘s plan which aims to reduce costs. He reportedly intends to shut, sell, or slim down retail banking in 20 countries.

The layoff was said to be about 10% of HSBC‘s total workforce. According to reports, it already cut 5,000 jobs this year.

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