HSBC Signals Thousands More Job Cuts

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Even more ?

HSBC Holdings will eliminate as many as 14,000 jobs as CEO Stuart Gulliver set out plans to cut an additional $3bn of costs as he tries to revive profitability.

Bloomber reports that the bank expects to reduce the number of employees to as few as 240,000 over the next three years, Gulliver told reporters on a conference call Tuesday as he updated investors on his strategy for the London-based lender.

HSBC had already announced plans to reduce headcount to about 254,000.

Gulliver, 54, is focusing on reducing costs, selling assets and expanding in faster-growing markets as he struggles to boost revenue that’s been crimped by the sovereign debt crisis in Europe. He’s already eliminated more than $4bn of annual expenses, beating his initial target, and cut 46,000 jobs since he took over in 2011.

'The additional cost savings is the biggest surprise - that may imply more disposals or staff layoffs', said Steven Chan, a Hong Kong-based analyst at Citic Securities International Co., who has a buy recommendation on the stock. 'The shares will continue to climb because they are now moving from a slow growth phase to a stronger growth phase'.

Hit the link below to access the complete Bloomberg article:

HSBC Signals 14,000 Jobs Cuts in $3 Billion Savings Plan

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