HSBC announces $2-3 billion in new cutsWednesday 15 May 2013 19.06
HSBC has announced it is seeking a further $2 billion-$3 billion in cost savings as it continues to trim its global empire - a move analysts say could come at the cost of additional jobs.
In a statement, HSBC chief executive Stuart Gulliver said the cuts are part of a cost-saving strategy which has already seen 52 peripheral or underperforming units close.
The bank has also trimmed 40,000 jobs from a workforce of 300,000 since 2011, and the new savings are expected to translate into additional layoffs.
Europe's biggest bank by market value, HSBC announced a doubling of its profit earlier this month as it reaped the benefits of the restructuring.