HSBC to cut global headcount by up to 50,000
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LONDON (AFP) - Scandal-hit bank HSBC said Tuesday it would cut its global headcount by up to 50,000 as part of a restructuring that entails its withdrawal from Brazil and Turkey, while it also mulls abandoning London as its HQ.
The Asia-focused lender added in a statement that it intended to save up to $5 billion (4.4 billion euros) in annual costs within two and a half years as it seeks to boost profitability.
"HSBC is now undertaking a significant reshaping of its business portfolio," said the bank, which this year marks its 150th anniversary.
"It is redeploying resources to capture expected future growth opportunities and adapting to structural changes in the operating climate."
The statement did not mention extensive job cuts, the details of which were buried in an accompanying report.
HSBC said there would be a 10 per cent reduction in jobs, with between 22,000 and 25,000 classified under "transformation savings".
A further 25,000 jobs would be lost with the sale of operations in Turkey and Brazil.
