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HSBC announces job cuts and closures

09 Jun 2015

One of the UK’s major banks, HSBC, has announced worldwide job cuts of 25,000 – including up to 8,000 in the UK – as part of a cost-saving strategy.

Recent HSBC Chief Executive, Stuart Gulliver, laid out plans to improve shareholder returns with a raft of measures aimed at saving the bank $5 billion over the next two years.

Other measures announced include:

  • Selling operations in Turkey and Brazil
  • Reducing the bank’s risk-weighted assets by at least 25%
  • Setting up a ring-fenced bank in the UK
  • Potentially moving headquarters out of the UK to Hong Kong

Mr Gulliver said: ‘We recognise that the world has changed and we need to change with it.

‘The world is increasingly connected, with Asia expected to show high growth and become the centre of global trade over the next decade. I am confident that our actions will allow us to capture expected future growth opportunities and deliver further value to shareholders.’