HSBC Signals 14,000 Job Cuts in $3 Billion Savings Plan
This article is for subscribers only.
HSBC Holdings Plc, Europe’s largest bank, will eliminate as many as 14,000 more jobs as Chief Executive Officer Stuart Gulliver set out plans to cut an additional $3 billion of costs as he tries to revive profitability.
The bank expects to reduce the number of employees to as few as 240,000 over the next three years, Gulliver told reporters on a conference call today as he updated investors on his strategy for the London-based lender. HSBC had already announced plans to reduce headcount to about 254,000.