HSBC announces $2-3 billion in new cuts

Wednesday 15 May 2013 19.06
More job cuts down the road at HSBC?
More job cuts down the road at HSBC?

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.