HSBC to Cut Thousands of Jobs, But Not In Asia

HSBC will lay off 30,000 employees in the next two years and more could risk losing their jobs if Britain's Independent Commission on Banking (ICB) imposes new regulations that could dampen the performances of banks, reports the South China Morning Post.

 

The bank will cut 700 jobs in France, 700 in Britain, 1,400 in Latin America and 1,900 in the United States. However, it plans to add between 4,000 and 5,000 staff in emerging markets, says the newspaper.

 

In the Asia-Pacific, the bank hired about 1,500 people in the first half, and in Brazil, about 800.

 

The planned job cuts came after HSBC missed its target. HSBC needed to make US$13.5 billion in first half pre-tax profit, and double that amount for the full year, if it wished to meet its target. But the bank recorded only US$11.5 billion in pre-tax profit in the first half after several sell-offs, shut-downs and restructurings.

 

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