HSBC set to cut thousands of jobs globally: Sky News

Tue Jun 2, 2015 5:02am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

By Matt Scuffham and Lawrence White

LONDON/HONG KONG (Reuters) - HSBC Holdings Plc (HSBA.L: Quote) could announce thousands of job cuts at a strategy day next week, Sky News reported on Monday, part of chief executive Stuart Gulliver's overhaul of Europe's biggest bank.

The plan could also see Gulliver sell operations in Brazil and Turkey and take a knife to HSBC's investment bank.

An estimated 10,000 to 20,000 jobs will be axed, Sky News said, citing unidentified sources. The number has not yet been finalised and Gulliver will lay out the plans at an investor presentation on June 9, the broadcaster said. (bit.ly/1cu2n87)

HSBC declined to comment on the Sky report.

It was unclear how many of those cuts would come from moves already announced by the lender.

Gulliver was appointed CEO in 2011 and has axed more than 50,000 jobs at the bank as part of a restructuring. However, he has come under pressure from shareholders to do more to revive the bank's flagging fortunes.

Jim Antos, analyst at Mizuho Securities Asia, told Reuters TV that more job cuts may not be enough to appease investors.

"The share price has been dead for several years now. What the market is looking for is something pretty substantial like a new strategy, a new theme," he said in an interview with Reuters TV in Hong Kong on Tuesday.   Continued...

 
The HSBC bank logo is pictured at the bank headquarters in Paris April 9, 2015.    REUTERS/Gonzalo Fuentes