HSBC to axe 10,000 people

July 31st, 2011 - 4:00 pm ICT by IANS  

London, July 31 (IANS) HSBC, headquartered in London, will reportedly remove at least 10,000 people from their jobs, Sky News said Sunday.

The firm - erstwhile known as the Hongkong and Shanghai Banking Corporation - will make the announcement Monday. The 10,000 jobs will be cut next year, sources said.

Sky News said the vast majority of the 10,000 job cuts will be outside Britain.

The bank employs over 300,000 people worldwide and the cutbacks would be part of a strategic overhaul.

HSBC will be announcing its half-year results Monday, and the banking giant is expected to reveal disappointing figures for the six months till June 30, 2011.

An HSBC spokesman said the group will not comment on reports of job losses.

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