HSBC reveals cost savings as job cuts continue
Published: by
by

hsbcThe banking giant has made cost savings of £741 million in the last year by cutting thousands of jobs worldwide.

HSBC has cut 14,000 jobs since the first three months of 2011, including 3,500 so far this year.

The bank says it has already made cost savings of £185m in the first three months of this year, and it plans to cut 30,000 more staff by 2013 as part of its restructuring programme.

Stuart Gulliver, Group Chief Executive of HSBC, says: "Markets remain volatile with high levels of debt and regulatory and political uncertainty in developed economies, contrasting with an encouraging outlook in faster-growing markets."

 

| Comments (0)| Comment
Related Stories
Microsoft cuts another 2,100 jobs as it nears 18,000 target
Microsoft cuts another 2,100 jobs as it nears 18,000 target
2,100 of Microsoft’s employees have been made redundant as the software giant continues its plan to cut a total of 18,000 jobs, accounting for 14% of its workforce... read more ›
Capgemini appoints Global Head of Executive Recruitment
Capgemini appoints Global Head of Executive Recruitment
The consulting, technology and outsourcing services provider has appointed a new Global Head of Executive Recruitment – Global BPO... read more ›
Cisco cutting more jobs as sales stagnate
Cisco cutting more jobs as sales stagnate
A forecast of little to no rise in sales has been blamed for Cisco’s latest round of job cuts... read more ›
Microsoft job cuts far exceed expectations
Microsoft job cuts far exceed expectations
Microsoft will make the deepest job cuts in its 39-year history with 18,000 positions set to go... read more ›
Microsoft faces biggest jobs cull in five years
Microsoft faces biggest jobs cull in five years
  Microsoft is this week expected to announce its biggest cull of staff in five years in an attempt to streamline the company... read more ›
BNP Paribas Real Estate appoints UK HR Director
BNP Paribas Real Estate appoints UK HR Director
  BNP Paribas Real Estate, the leading property adviser, has appointed a new UK HR Director... read more ›
Restructuring at Asda leads to middle-management redundancies
Restructuring at Asda leads to middle-management redundancies
A management shake-up at Asda will likely result in up to 1,360 job losses as middle managers are redeployed in a bid to reduce costs... read more ›
550 job losses at npower are 'grave mistake' say Unison
550 job losses at npower are 'grave mistake' say Unison
  As 480 members of staff at npower’s Fenton call centre clock-off for the last time today, following redundancies announced last December, Britain’s biggest trade union, Unison, has said the company are making a ‘grave mistake’... read more ›
HR Grapevine Magazine Latest Edition