As per some media reports HSBC Bank is planning to cut thousands of jobs as it embarks on a cost-cutting drive to push economic recovery. The plans have not yet been finalised, but could see more than 10,000 jobs being cut.
HSBC has about 330,000 staffs globally and they are looking forward to a sustainable cost savings of $2.5 billion to $3.5 billion in order to reach a cost efficiency ratio target of 48-52% by 2013.
The reports also said that HSBC would be considering a strategic review of its cards business in the United States, and would limit its retail banking operations in US. HSBC had already cut 700 jobs out of 55,000 in its UK retail banking arm in June this year.
Already Standard Chartered, Llyods, Goldman Sachs, Credit Suisse and UBS banks have announced their job cuts plans recently.
