HSBC to cut 30,000 jobs worldwide
August 2nd, 2011 - 1:27 am ICT by Aishwarya BhattNew 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.
- Unions protest HSBC's plan to axe 3,000 jobs in Hong Kong - Sep 08, 2011
- HSBC to cut another 25,000 jobs despite rise in profits - Aug 02, 2011
- HSBC to axe 10,000 people - Jul 31, 2011
- HSBC to cut 25,000 jobs by 2013 - Aug 02, 2011
- Yahoo! to cut another 2,000 jobs in restructuring effort - Apr 04, 2012
- BlackBerry cuts 2,000 jobs - Jul 25, 2011
- HSBC to cut 330 jobs in Britain - Dec 06, 2011
- Sony to axe 10,000 jobs worldwide - Apr 09, 2012
- MNS protests wrongful sacking of HSBC employees - May 04, 2012
- Nokia Siemens Networks to cut 17,000 jobs globally - Nov 24, 2011
- Swiss bank UBS to cut 3,500 jobs - Aug 24, 2011
- RBS to cut 3,500 jobs worldwide - Jan 12, 2012
- Bank of America to cut 30,000 jobs - Sep 13, 2011
- Indian-American Sikh wins $295,000 for job denial - Oct 28, 2011
- WSJ: Bank of America to cut up to 10,000 jobs - Aug 19, 2011
Tags: axe, clsa, footsteps, hsbc, income ratio, job cuts, jobs, latin america, onus, poland, profits, respects, restructuring, russia, Thailand, uk france