HSBC expected to announce thousands of job cuts

Stuart Gulliver, Chief Executive of HSBC, is expected to announce up to 20,000 redundancies in the upcoming week as part of his plan to clamp down on company expenditure and pacify investors.

Having already made severe cuts since his appointment to CEO in 2011, Gulliver is set on economising HSBC’s budget. In 2012, having axed 14,000 jobs in just three months, Gulliver explained: “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."

The cuts are presumed to be a part of a scheme to instil confidence in the banks investors following the onslaught of bad publicity HSBC faced in April, after the board members suggested that they were considering moving the banks’ headquarters out of London; its home for more than 20 years.

The talks came just months after the financial organisation was embroiled in allegations of “aggravated money laundering” regarding a tax avoidance scheme for Swiss clients.