Bureaucratic HSBC cuts 30,000 jobs

HSBC's chief executive writes for FinanceAsia's 20th anniversary issue on how the workshop of the world is becoming China’s Silicon Delta.

HSBC CEO Stuart Gulliver announces additional job losses by 2016 in an attempt to reduce costs.

HSBC sells its US monoline credit card and private-label credit card business to Capital One for more than $30 billion, as group chief executive Gulliver delivers on his promise to streamline the bank and shore up capital.

HKEx supremo is named capital markets person of the year, and there are awards for outgoing HSBC chief and the tycoon behind Tencent.

The stock dipped by 4.4% in London amid disappointment about weak revenues and the potential for a $1.6 billion settlement charge related to the sale of mortgage-backed securities in the run up to the financial crisis.

Despite declaring strong profit growth and a stellar year in global banking and markets, HSBC's share price fell yesterday as investors questioned the higher costs and a reduced return-on-equity target.