HSBC to cut 50,000 jobs

HSBC will cut almost 50,000 jobs from its payroll, take an axe to its investment bank and shrink its risk weighted assets by $290 billion in an effort to improve its sluggish performance, Europe's biggest bank said on Tuesday. The announcement to the Hong Kong stock exchange came ahead of a presentation to investors and analysts when Chief Executive Stuart Gulliver will give more detail on his second major strategic plan since he took the helm at the start of 2011. 

Read Economic Times full report here.