British banking group HSBC said it will cut 30,000 jobs by 2013.
British banking giant HSBC said Monday that it will cut 30,000 jobs worldwide by 2013, accounting for about 10 percent of its total employees, in an effort to carry on with its cost saving and operational restructuring plan.
The remarks came after the banking group had just posted a better-than-expected performance for the first half of the year. Its pre-tax profit stood at US$11.5 billion, up 3 percent from same time last year and 45 percent from the second half of last year.
According to HSBC CEO Stuart Gulliver, the bank has already laid off 5,000 jobs since the start of this year, following the business restructuring in Latin America, the United States, Britain, France and the Middle East.
However, Gulliver said the job cuts will continue, with another 25,000 staff let go by the end of 2013.
The bank didn't provide details concerning the massive layoff, yet said it will continue to hire in emerging countries.
As part of the restructuring plan, HSBC announced over the weekend that it will sell 195 US retail banking branches to First Niagara Financial for about US$1 billion, and would shut down another 13 of the 470 sites it currently has.
The bank also said it will close its retail banking operations in Russia and Poland as well as selling three insurance businesses so as to free up US$2.5 to US$3.5 billion by 2013.
