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HSBC says it will slash up to 25,000 jobs globally

03:07 PM | 9 Jun, 2015
HSBC says it will slash up to 25,000 jobs globally
HONG KONG (APP) - Scandal-hit bank HSBC announced Tuesday up to 25,000 job cuts as part of a global restructuring that entails its withdrawal from Brazil and Turkey, while it also mulls abandoning London as its HQ.

In a statement to the Hong Kong stock exchange it also said it intends to save $5 billion in annual costs within two years.

The announcement comes ahead of an investor update later Tuesday in which chief executive Stuart Gulliver is expected to announce thousands of job cuts, according to reports.

"HSBC is now undertaking a significant reshaping of its business portfolio," the statement said.

"It is redeploying resources to capture expected future growth opportunities and adapting to structural changes in the operating climate," it added.

The bank would aim to save $4.5-$5 billion in annual costs by 2017, including selling its businesses in Turkey and Brazil, the statement said, adding it would step up investments in Asia.

It also said it expected to complete a review of where to locate its headquarters by the end of this year.

An investor update report from HSBC Tuesday said there would be a 10 percent reduction in jobs, totalling between 22,000 and 25,000.

The author is working as Editor Digital Media for Daily Pakistan and can be reached @ItsSarfrazAli.

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PKR exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 13 April 2024 Forex Rates

Pakistani currency remains largely same against US dollar and other currencies in open market on April 13, 2024.

US Dollar rate in Pakistan

On Saturday, the US dollar was being quoted at 277.4 for buying and 280.65 for selling.

Euro was quoted at 299.95 for buying and 302.9 for selling while British Pound stands at 349.5 for buying, and 353 for selling.

UAE Dirham AED was at 75.45 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 12 April 2024

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