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HSBC to slash 14,000 jobs under restructuring plan

  • HSBC announced on Wednesday it may cut a further 14,000 jobs across its global operations.

    The move comes as part of a restructuring plan aimed at lowering costs and boosting profitability.

    In recent months, chief executive, Stuart Gulliver, has cut divisions that are unprofitable.

    HSBC has sold or closed 52 businesses since he took over in early 2011.

    Earlier this year, HSBC, which has lowered costs by $4 billion, said it could save a further $1 billion this year.

    The job cuts would bring the bank’s total headcount to between 240,000 and 250,000 over the next three years.

    Tagged as: HSBC, Business news, restructuring plan HSBC, job reductions