HSBC to cut 30,000 jobs worldwide

August 2nd, 2011 - 1:27 am ICT by Aishwarya Bhatt  

New York, Aug 1 (THAINDIAN NEWS) HSBC is all set to cut around 30,000 jobs worldwide. The major countries that are going to be affected by these cuts are Russia, US and Poland. Already the international bank has taken up the onus of restructuring in Latin America, US, UK, France and in doing so, 5000 people were laid off. Another 25,000 HSBC employees are expected to follow in their footsteps soon.

Worldwide HSBC has around 295,000 employees so the decision to axe 30,000 of them is around 10% of the work-force, which is a significant number in all respects.

“It’s a big number, but it makes sense because HSBC’s costs are fairly high. Hopefully these cuts help make an impact in helping lower the bank’s cost-to-income ratio,” according to Daniel Tabbush, who is an analyst at the CLSA, which is located in Thailand.

Despite the job cuts, the international bank was quite shocked when they reported that they have seen a rise in their half-yearly profits. As a result their shares also rose by 5%. So it seems that the restructuring plans seem to be working off, after all.

Britain trade union is totally against the job cuts and they are also protesting against the decision.

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