HSBC to cut thousands more jobs as part of savings plan

HSBC, Europe's biggest bank by market value is gearing up for more job cuts. The job cuts target is yet to be fixed, however people in the know suggest that it could be up to 5,000. The reduction in employee strength is a part of the one billion dollars savings plan. According to the report, Stuart Gulliver, HSBC's chief executive, said when he announced annual results last week that he would "fixate on costs" over the coming year and promised to find a further one billion dollars of annual savings in 2013. On his part Gulliver has spent the past two years trying to streamline HSBC's global network of fiefdoms, both in order to impose more control from head office in London and to strip out overlaps and inefficiencies.

Source: Financial Express