6,100 jobs to be laid off by HSBCMarch 3rd, 2009 - 3:54 pm ICT by Amrit Rashmisrisethi
Europe’s largest bank by market value HSBC, said on Monday it will raise US$17.7 billion by issuing shares after reporting a 70 per cent drop in profits in 2008, when the financial crisis deepened.
Net profit fell to US$5.7 billion last year from US$19.1 billion a year earlier due to greater charges on the value of its assets and operating expenses, the company said.
The British banking group said it would axe 6,100 jobs in the United States by shutting most of its HFC and Beneficial branches.
‘In this difficult environment, we missed our profitability targets,’ HSBC chairman Stephen Green said in the group’s earnings statement.
‘The coming twelve months will be difficult. We expect parts of Asia, the Middle East and Latin America to continue to outperform Western economies, but to be constrained by the global downturn.
- HSBC to cut 25,000 jobs by 2013 - Aug 02, 2011
- HSBC to cut another 25,000 jobs despite rise in profits - Aug 02, 2011
- Unions protest HSBC's plan to axe 3,000 jobs in Hong Kong - Sep 08, 2011
- HSBC to cut 30,000 jobs worldwide - Aug 02, 2011
- US senate probe blames HSBC for money laundering - Jul 17, 2012
- AIG reports fourth quarter profits - Feb 24, 2012
- 57 Indian firms in Forbes Global 2000 list - Apr 23, 2011
- UBI Q4 net up 4 percent - May 05, 2012
- Indian American doctor charged with hiding India accounts - Sep 29, 2011
- Pandit's Citi makes profit with India sale - Apr 17, 2012
- Australia's ANZ Banking Group posts $5.5 bn profit - Nov 03, 2011
- China's trade with Latin America grew in 2011 - Apr 18, 2012
- U.S. government seeks names of U.S. residents with HSBC India bank accounts to avoid taxes - Apr 08, 2011
- France world's fourth largest arms exporter - Oct 27, 2011
- Chinese firms eye India for business - Feb 22, 2012
Tags: 1 billion, asia, assets, axe, banking group, chairman stephen, earnings, europe, financial crisis, global downturn, hfc, hsbc, latin america, middle east, net profit, operating expenses, profitability targets, profits, twelve months, western economies