HSBC says it will slash up to 25,000 jobs globally
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.
- PSL 2021, Match 10 – Islamabad United bat first against Peshawar ...07:24 PM | 27 Feb, 2021
- “Work together or come have more tea,” Asad Umar to India on ...06:22 PM | 27 Feb, 2021
- PSL 2021, Match 8 – Babar Azam lifts Karachi Kings to thrilling win ...05:50 PM | 27 Feb, 2021
- Agha Ali advises Alizeh Shah to be more concerned about her acting ...03:45 PM | 27 Feb, 2021
- Khel Khel Mein – Sajal Aly and Bilal Abbas team up for first time ...02:14 PM | 27 Feb, 2021
- Pakistan up three places to 105th spot in EIU's 2020 Democracy Index11:13 AM | 7 Feb, 2021
- 5 famous personalities who were banned from social media06:51 PM | 3 Feb, 2021
- Hollywood's top female celebs who lift weights to stay fit02:36 PM | 22 Jan, 2021
- Here's how world leaders responded to Biden's inauguration as POTUS07:24 PM | 21 Jan, 2021