HSBC bank to cut 30,000 jobs worldwide, sell almost half of its US branches

I wonder how many more companies will take the money and run. These companies are making millions of dollars and yet they are cutting jobs to make even more profit. Who are these people that are the CEOs of these companies that seem to have no soul?

British banking group HSBC said Monday it will cut 30,000 jobs worldwide by 2013 and sell almost half its retail bank branches in the U.S., part of a new strategy to focus on fast-growing emerging markets.

The bank, which reported a better-than-expected 3 percent increase in pretax profits to $11.5 billion in the six months to June, has already shed 5,000 jobs this year. Another 25,000 will be cut by 2013, spokesman Patrick Humphris said.

HSBC currently employs around 296,000 people worldwide.

Humphris declined to give details of where the job cuts would be but said the group is still hiring in emerging economies such as Brazil and Mexico.

The move echoes similar announcements by other global banks, such as Credit Suisse, UBS and Goldman Sachs, which in recent weeks said they needed to trim payrolls to adjust to tougher market conditions.

Read more at source


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