HSBC says it will slash up to 25,000 jobs globally

HSBC announced that there will be up to 25,000 job cuts globally as well as a complete withdrawal from Brazil and Turkey. (File photo: AP)

Scandal-hit bank HSBC announced Tuesday up to 25,000 job cuts as part of a global restructuring that entails its withdrawal from Brazil and Turkey, while it also mulls abandoning London as its HQ.

In a statement to the Hong Kong stock exchange it also said it intends to save $5 billion in annual costs within two years.

The announcement comes ahead of an investor update later Tuesday in which chief executive Stuart Gulliver is expected to announce thousands of job cuts, according to reports.

“HSBC is now undertaking a significant reshaping of its business portfolio,” the statement said.

“It is redeploying resources to capture expected future growth opportunities and adapting to structural changes in the operating climate,” it added.

The bank would aim to save $4.5-$5 billion in annual costs by 2017, including selling its businesses in Turkey and Brazil, the statement said, adding it would step up investments in Asia.

It also said it expected to complete a review of where to locate its headquarters by the end of this year.

An investor update report from HSBC Tuesday said there would be a 10 percent reduction in jobs, totaling between 22,000 and 25,000.

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Last Update: Wednesday, 20 May 2020 KSA 09:46 - GMT 06:46
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