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HSBC Said to Layoff 2,000 Employees

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HSBC Said to Layoff 2,000 Employees

HSBC Said to Layoff 2,000 Employees

Bengaluru, India | Red Newswire | Nov 24, 2015 Last Updated at 08:20 PM IST.

HSBC is planning to cut off 2,000 jobs of its commercial bank unit. The company says it is doing this to cut the spendings. The eliminations have already started last weel and might take two years to complete. This huge layoff comes as a part of a 3 year programme to reduce annual costs by $5 billion and workforce by 50,000.

Stuart Gulliver, CEO of HSBC is also planning to shut down unnecessary businesses that are causing a loss of money. It is not just HSBC cutting off jobs, other European lenders such as Deutsche Bank AG and Credit Suisse Group AG are laying off many employees to battle tougher capital demands.

a company spokeswoman said, “As flagged in our investor update, we have targeted significant cost reductions by the end of 2017, and we continually review and manage our overall headcount requirements.”

HSBC slipped this year by 13% when compared with  a 40% decline at the Bloomberg.

Source: Livemint

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