HSBC

HSBC plans 14,000 more job cuts to save $3 billion

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

HSBC will reduce its worldwide headcount by a further 14,000 over the next three years, chief executive Stuart Gulliver told investors and analysts yesterday. The cuts will help pare costs by another $3 billion in addition to the savings made since 2011 when Gulliver took charge of Europe’s biggest bank.

HSBC has slashed 34,000 jobs during the past three years and at the end of 2012 employed 260,000 staff. This will drop to 254,000 as part of the cuts that have already been announced and is expected to fall to between 240,000 and 250,000 by 2016.

“We will continue to exert tight cost discipline while streamlining processes...

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