World Economy

HSBC to Shed 25,000 Jobs

HSBC to Shed 25,000 JobsHSBC to Shed 25,000 Jobs

Scandal-hit bank HSBC announced Tuesday up to 25,000 job cuts as part of a global restructuring that entails its withdrawal from Brazil and Turkey, while it also mulls abandoning London as its HQ, AFP reported. In a statement to the Hong Kong stock exchange it also said it intends to save $5 billion in annual costs within two years. The announcement comes ahead of an investor update later Tuesday in which chief executive Stuart Gulliver is expected to announce thousands of job cuts, according to reports. “HSBC is now undertaking a significant reshaping of its business portfolio,” the statement said.