Categories: Business

HSBC to Cut 8,000 Jobs in UK, Sell off Turkey and Brazil Operations

British bank HSBC is planning to cut 8,000 jobs in the UK as it tries to reduce costs and simplify its business.

Europe’s biggest bank has 48,000 workers in the UK and will make cuts in both its retail and investment banking operations.

A total of 25,000 jobs could be axed worldwide, meaning close to 10% of HSBC’s 266,000 workers will go.

HSBC will also ring-fence its UK operations and sell businesses in Turkey and Brazil, it said on June 9.

The news comes ahead of a presentation that HSBC CEO Stuart Gulliver will give to investors and analysts in his second major strategy plan since taking up the role in 2011.HSBC job cut 2015HSBC job cut 2015

In a statement, Stuart Gulliver said: “We recognize that the world has changed and we need to change with it. That is why we are outlining the following… strategic actions that will further transform our organization.”

The 10-point plan aims to cut costs by up to $5 billion and increase investment in Asia – particularly in China.

Stuart Gulliver: “Asia [is] expected to show high growth and become the centre of global trade over the next decade.

“Our actions will allow us to capture expected future growth opportunities.”

HSBC’s Hong Kong-listed shares rose almost 1% following the announcement, but remain down 9% over the past 12 months.

The bank said it would make a decision on whether to move its headquarters out of the UK by the end of the year.

There has been speculation that HSBC may relocate its headquarters to Hong Kong since it announced the review in April.

Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.

Recent Posts

Donald Trump Frees Proud Boys and Oath Keepers Leaders

President Donald Trump set free more than 1,500 people charged for the Capitol riot in…

10 hours ago

Donald Trump’s First Executive Orders Signed After Taking Office

President Donald Trump signed a flurry of executive orders issued following his inauguration. After being…

11 hours ago

Inauguration: Donald Trump Sworn In as 47th US President

Donald Trump has taken the oath of office as the 47th President of the United…

2 days ago

Joe Biden Pardons Anthony Fauci and Jan 6 Riot Committee

President Joe Biden has pre-emptively pardoned Covid response chief Anthony Fauci and the members of…

2 days ago

CRPS Awareness: Understanding the Condition and Supporting Loved Ones

Complex Regional Pain Syndrome (CRPS) is a medical condition that remains under-recognized yet has a…

2 days ago

TikTok Goes Offline in US Hours Before New Law Banning Platform Comes Into Effect

Video-sharing app TikTok has gone offline in the US, hours before a new law banning…

3 days ago