HSBC To Cut 50,000 Jobs Worldwide By 2017
Banking giant HSBC announced Tuesday it'll cut an estimated 50,000 jobs by 2017 in an effort to help cut costs.By Katherine Biek | June 9, 2015
As part of a large restructuring plan to overhaul its profitability, banking giant HSBC announced Tuesday it plans to cut around 50,000 jobs in the next few years.
It's all in an effort to save as much as $5 billion annually in costs by the year 2017.
HSBC will be cutting an estimated 20,000 to 25,000 jobs across all of its branches. Another 25,000 employees will be let go after the bank sells its operations in Turkey and Brazil, in an effort to focus more on its holdings in Asia.